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LKQ Corporation Announces Record Results For Second Quarter 2013

Stocks in this article: LKQ

  • Revenue Growth of 24% to a Record $1.25 billion
  • Organic Revenue Growth for Parts and Services of 13.1%
  • Second Quarter 2013 Diluted EPS of $0.25
  • Annual Guidance Updated

CHICAGO, Aug. 1, 2013 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported record revenue for the second quarter of 2013 of $1.25 billion, an increase of 24.4% as compared to $1.01 billion in the second quarter of 2012. Net income for the second quarter of 2013 was $76 million, an increase of 18.3% as compared to $64 million for the same period of 2012. Diluted earnings per share of $0.25 for the second quarter ended June 30, 2013 increased 19.0% from $0.21 for the second quarter of 2012. The Company noted that the second quarter of 2013 and 2012 diluted earnings per share included losses totaling $0.01 per share resulting from restructuring and acquisition related expenses, the change in fair value of contingent consideration liabilities, and, in 2013 only, a loss on debt extinguishment. Earnings per share in the second quarter of 2012 also included gains equal to $0.02 per share that resulted from favorable legal settlements.

"Our very strong organic revenue growth of 13.1% for parts and services revenue was driven by improvements across both our segments. We were particularly pleased to see our North American operations report a robust 7.3% parts and services growth, while organic growth in our European operations accelerated to 37.8%," stated Robert L. Wagman, President and Chief Executive Officer of LKQ Corporation. "Our 24% revenue growth translated into growth in EPS of 30% (after adjusting for acquisition related items, our refinancing costs and favorable legal settlements last year) demonstrating the leverage we are achieving with our revenue growth," continued Mr. Wagman.

On a six month year-to-date basis, revenue was $2.45 billion, an increase of 20.1% from $2.04 billion for the comparable period of 2012. Net income for the first six months of 2013 was $160 million, as compared to $145 million for the first half of 2012. Diluted earnings per share was $0.53 for the first six months of 2013, as compared to $0.48 for the comparable period of 2012.

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