Fourth Quarter 2012 Reported Results

For the fourth quarter of 2012, revenue was $1.07 billion compared with $939.6 million for the fourth quarter of 2011, an increase of 13.7%. Net income for the fourth quarter was $62.2 million compared with $56.1 million in the prior year, an increase of 10.8%. For the fourth quarter, total organic revenue growth was 7.4%, and parts and services revenue grew organically by 8.2%. Acquisition revenue growth for the fourth quarter was 5.9%.

Full Year 2012 Reported Results

For the full year of 2012, revenue was $4.12 billion compared with $3.27 billion in 2011, an increase of 26.1%. Net income for the full year was $261.2 million compared with $210.3 million for the prior year, an increase of 24.2%. For the full year of 2012, total organic revenue growth was 4.1%, and parts and services revenue grew organically by 6.0%. Acquisition revenue growth for 2012 was 21.9%.

Balance Sheet and Liquidity

As of December 31, 2012, LKQ's balance sheet reflected cash and equivalents of $59.8 million, and obligations outstanding under the Company's credit facilities were $974.6 million ($420.6 million of term loans and $554.0 million of revolver borrowings). Total availability under the credit agreement at December 31, 2012 was $356.1 million.

Other Events

During the fourth quarter of 2012, LKQ acquired an aftermarket parts distribution business with twelve locations in seven Canadian provinces; an aftermarket parts distribution business with three locations in Quebec, Canada; two self service businesses in Florida; an aftermarket parts distribution business in West Virginia; three paint distribution businesses with locations in Nebraska and Ohio; a bumper and fender distributor in Ontario, Canada; three wholesale salvage businesses with locations in Virginia, Minnesota, and South Carolina; two heavy duty truck aftermarket cooling and radiator businesses with two locations in Michigan and locations in Florida, Georgia and Missouri; two heavy duty truck salvage businesses with locations in Florida and Georgia; and a self service business with an adjacent auto shredder in Florida.

If you liked this article you might like

GM's Cautious Tone Sets Auto Parts Stocks Rising

Domino Effect of Falling Oil Prices: Cramer's 'Mad Money' Recap (Thursday 4/27/17)

Trade These 4 Breakout Stocks

LKQ Stock Retreating on Q3 Revenue, Reduced Forecast

4 Mid-Cap Stocks to Maximize Your Profits