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Letter to the Editor
Thursday July 29
LKQ Corp Q2 Net Income Up 29%
LKQ Corporation has reported results for its second quarter ended June 30, 2004, with revenue of $104.9 million and net income of $5.3 million, representing growth over the second quarter of 2003 of 29.5 percent and 29.7 percent, respectively."Our second quarter results were within our expectations. We continued our history of double digit organic revenue growth, at 11.4 percent, and our recent acquisitions contributed a further 18.1 percent in revenue growth," said Joe Holsten, president and chief executive officer.
For the second quarter of 2004, revenue increased 29.5 percent to $104.9 million compared with $81.0 million for the second quarter of 2003. Approximately $14.7 million in revenue growth was attributable to businesses we acquired. For the second quarter of 2004, net income increased 29.7 percent to $5.3 million compared with $4.1 million for the second quarter of 2003.
Diluted earnings per share was $0.24 for the second quarter of 2004 compared with $0.25 for the second quarter of 2003; however, the decline in diluted earnings per share was attributable to the increase in weighted average diluted shares outstanding by 5.7 million shares or 34.4 percent.
For the six months ended June 30, 2004, revenue increased 27.9 percent to $205.0 million compared with $160.3 million for the same period in 2003. Organic revenue growth was 14.2 percent.
For the six months ended June 30, 2004, net income increased 36.2 percent to $11.0 million compared with $8.1 million for the same period in 2003. Diluted earnings per share was $0.49 for the six months ended June 30, 2004 compared with $0.46 for the same period a year ago.
The Action Crash Parts division, an aftermarket collision automotive replacement parts company acquired in the first quarter of 2004, contributed $17.2 million of revenue for the six months ended June 30, 2004 with a related gross margin of 44.3 percent.
The company continues to expect full year 2004 revenue to be within a range of $410 million to $425 million, net income to be within a range of $20.6 million to $21.7 million and diluted earnings per share to be between $0.92 and $0.97. Net income growth for the third quarter of 2004 over the third quarter of 2003 is expected to be within a range of 42 percent to 53 percent.
LKQ Corporation is the largest nationwide provider of recycled OEM automotive replacement parts and related services, with 41 sales and processing facilities, 4 self-service retail automotive parts facilities and 11 redistribution centers that reach most major markets in the United States. In addition, 3 facilities are located in Central America.
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