LKQ Corporation Announces Record Third Quarter Results
finance.yahoo.com
CHICAGO, Oct. 29, 2009 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQX) today reported diluted earnings per share of $0.20 for the third quarter ended September 30, 2009, an 11.1% increase from $0.18 for the third quarter of 2008. Revenue for the third quarter of 2009 was $494.8 million, an increase of 2.7% as compared to $481.6 million in the third quarter of 2008. Net income in the third quarter of 2009 was $29.2 million as compared to $25.1 million in the third quarter of 2008. Excluding restructuring expenses from continuing operations and excluding a fixed asset impairment from discontinued operations, diluted earnings per share was $0.22 in the third quarter of 2009 as compared to $0.19 in the third quarter of 2008.
"I am pleased with the strong earnings growth we realized for the quarter, especially considering the solid results we had last year," stated Joseph Holsten, CEO and president of LKQ Corporation. "While there were many positive aspects of the quarter, I was most pleased with the strength of our same store sales growth of aftermarket parts sales, which I attribute to our successful integration of Keystone into LKQ coupled with our improved inventory management. Our business performance was also positively impacted by improvement in gross margins from both aftermarket operations as well as our self service business. Before restructuring expenses, operating margin improved by roughly 100 basis points as compared to the prior year. Cash flows from operations stand at $135 million year-to-date, and should easily exceed our previously issued forecast," added Mr. Holsten. |
