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Organic revenue growth for parts and services of 11.7%
Third quarter 2013 diluted EPS of $0.24
Annual guidance updated
CHICAGO, Oct. 31, 2013 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported record revenue for the third quarter of 2013 of $1.30 billion, an increase of 27.7% as compared to $1.02 billion in the third quarter of 2012. Net income for the third quarter of 2013 was $73 million, an increase of 35.9% as compared to $54 million for the same period of 2012. Diluted earnings per share of $0.24 for the third quarter ended September 30, 2013 increased 33.3% from $0.18 for the third quarter of 2012. The Company noted that the third quarter of 2013 and 2012 diluted earnings per share figures both included losses totaling $0.01 per share resulting from restructuring and acquisition related expenses and the change in fair value of contingent consideration liabilities.
"Organic revenue growth for parts and services in the quarter of 11.7% remains strong with North America and Europe increasing 6.2% and 32.9%, respectively," stated Robert L. Wagman, President and Chief Executive Officer of LKQ Corporation. "Our improved operating margin in the quarter was driven by our ability to leverage our distribution network to improve efficiencies across our core operating segments," continued Mr. Wagman.
On a nine month year-to-date basis, revenue was $3.75 billion, an increase of 22.6% from $3.06 billion for the comparable period of 2012. Net income for the first nine months of 2013 was $234 million, as compared to $199 million for the first nine months of 2012. Diluted earnings per share was $0.77 for the first nine months of 2013, as compared to $0.66 for the comparable period of 2012.