CHICAGO -- LKQ Corp. has reported revenues of $759.7 million for the second quarter of 2011, an increase of 29.9 percent as compared to $584.7 million in the second quarter of 2010. Income from continuing operations for the second quarter of 2011 was $46.7 million, an increase of 23.2 percent as compared to $37.9 million for the same period of 2010. Diluted earnings per share from continuing operations of 32 cents for the second quarter ended June 30 increased 23.1 percent, from 26 cents for the second quarter of 2010.

"All of the operating groups performed well during the quarter," said Robert Wagman, president and co-CEO. "We believe higher fuel prices and lower miles driven created some challenges for certain segments of our business. Despite those challenges, the company delivered total organic growth of 12.2 percent in the quarter, including 8.4 percent for parts and services."

Joseph Holsten, vice chairman and co-CEO, added, "We continued our acquisition plans, which contributed 17.5 percent to our revenue growth year-over-year. While realizing the full potential of these businesses will take some time, we are on pace with our plans for integration."

On a six month year-to-date basis, revenue was $1.55 billion, an increase of 30.1 percent from $1.19 billion for the same six month period of 2010. Income from continuing operations for the first six months of 2011 was $104.9 million, as compared to $89.9 million for the first half of 2010. Diluted earnings per share from continuing operations was 71 cents for the first six months of 2011, as compared to 62 cents for the same six month period of 2010.

Wagman added, "Overall, we are excited about the industry dynamics we see today. Alternative parts usage continues to grow, our fill rates are at historical highs, and we continue to see strong insurance support as we explore alternative salvage solutions outside of the traditional auction environment."

The company is revising earnings guidance for 2011. Income from continuing operations and diluted earnings per share from continuing operations are anticipated to be within the range of $201 million to $211 million and $1.36 to $1.42, respectively. LKQ's previous guidance was $197 million to $211 million for income from continuing operations, and $1.33 to $1.42 for diluted earnings per share.

In addition, the company left unchanged its guidance of approximately $195 million for cash flows from continuing operations, $85 million to $95 million in capital expenditures, and organic growth of 6 percent to 8 percent from parts and services revenue.

The company does not include sales of scrap or cores in its definition of parts and services revenue. Additionally, all guidance comments exclude restructuring expenses and any gains or losses or capital expenditures related to acquisitions or divestitures.