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LKQ Posts 37 Pct Rise In 2Q Profit On Strong Sales

CHICAGO (AP) â¿¿ LKQ Corp., which makes bumper covers, wheels and other aftermarket car parts for collision repairs, said Thursday that second-quarter earnings jumped 37 percent as sales climbed sharply.

The company raised its guidance for full-year results.

Net income for the April-through-June quarter was $64 million, or 43 cents per share, up from $46.7 million, or 32 cents per share, a year earlier.

Revenue was $1.01 billion, up 32 percent from $759.7 million. Analysts surveyed by FactSet had forecast earnings of 42 cents per share on revenue of $991 million.

The rise in revenue was supported by acquisitions as well as 22 percent revenue growth by its Euro Car Parts unit. Excluding acquisitions, the company said it had organic revenue growth for parts and services of 6 percent.

CEO Robert Wagman said the company is interested in more acquisitions, citing what he called a robust pipeline of acquisition candidates.

LKQ bought seven companies in the second quarter. Acquired were a chrome accessories distribution business headquartered in Nebraska, a self-service operation in New Hampshire, a self-service operation with two locations in Florida, a wholesale salvage operation in Texas, a precious metals extracting business based in Rhode Island, a paint distribution business with four locations in California and a self-service operation with five locations in Maryland.

The company said it now expects full-year net income of at least $1.77 per share, up from previous guidance of $1.75 per share, and as much as the previously forecast ceiling of $1.78 per share.

LKQ shares rose $1.25, or 3.7 percent, to $35.08 in morning trading.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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