CHICAGO — LKQ Corporation announced results for its first quarter ended March 31, 2008, with revenue of $491.9 million, net income of $30.9 million and diluted earnings per share of $0.22.
"We reported record revenue and earnings for the quarter with revenue growth at 109 percent and net income growth at just over 95 percent. Our operating margin improved this quarter over the first quarter of 2007 by 90 basis points and, excluding restructuring expenses, by 110 basis points. Our diluted earnings per share for the quarter puts us on track to exceed the earnings guidance that we previously issued by approximately $0.02 per share," says Joe Holsten, president and chief executive officer.
Commenting on business acquisitions, Holsten says, "We continue to be pleased with our progress to date related to combining our aftermarket businesses with Keystone Automotive Industries, Inc. In addition we acquired a heavy truck recycling business in Houston, Texas, that gives us a solid platform from which to expand into a new type of product line."
For the first quarter of 2008, revenue increased 109 percent to $491.9 million compared with $235.3 million for the first quarter of 2007. Organic revenue growth for the quarter was 9 percent and was calculated assuming LKQ owned Keystone for the first quarter of 2007. Net income for the quarter increased 95.5 percent to $30.9 million compared with $15.8 million for the first quarter of 2007. Diluted earnings per share were $0.22 for the quarter compared with $0.14 for the first quarter of 2007.
Revenue from aftermarket collision replacement parts, paint, shop supplies, refurbished bumpers, refurbished wheels and refurbished lighting for the first quarter was $272.3 million.
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