NEW YORK (TheStreet) -- Shares of LKQ Corp.  (LKQ - Get Report) plunged 12.9% to $24.26 in early afternoon trading Thursday after the auto parts company reported fourth-quarter earnings that missed analysts' expectations.

The Chicago-based company reported profit of $80.5 million, or 26 cents a share, which missed the consensus estimate of 32 cents a share from analysts at Zacks Investment Research. Revenue totaled $1.68 billion, which just missed analysts' expectations of $1.69 billion.

LKQ reported full-year profit of $381.5 million, or $1.25 a share, on revenue of $6.74 billion.

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"Despite the worse than expected headwinds of deteriorating scrap prices and currency devaluations we faced during the fourth quarter and their negative effects on our fourth quarter earnings, we delivered solid results for full year 2014 with double digit revenue and diluted earnings per share growth," said President and CEO Robert Wagman in a statement.

"I am particularly pleased with our parts and services growth of 8.7% for the fourth quarter and 9% for the full year. We also reached a major milestone in 2014 by surpassing $6 billion in annual revenue for the first time," he continued.

The company expects full-year earnings in the range of $1.36 to $1.46 a share, while analysts are expecting $1.61 a share.

In a separate statement, LKQ announced a management change. John S. Quinn, Executive Vice President and Chief Financial Officer, will become Chief Executive Officer and Managing Director of European Operations. Dominick Zarcone will succeed Quinn as EVP and CFO, effective at the end of March 2015.

Separately, TheStreet Ratings team rates LKQ CORP as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate LKQ CORP (LKQ) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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