CHICAGO – LKQ Corp. reported record revenue for the first quarter of 2015 of $1.77 billion, an increase of 9.1 percent as compared to $1.63 billion in the first quarter of 2014. Net income for the first quarter of 2015 was $107.1 million, an increase of 2.3 percent as compared to $104.7 million for the same period of 2014.
Diluted earnings per share of 35 cents for the first quarter ended March 31, 2015 increased 2.9 percent from 34 cents for the first quarter of 2014. The company noted that adjusted diluted earnings per share for the first quarter 2015 would have been 36 cents compared to 35 cents for the first quarter of 2014 after adjusting each of the periods for net losses resulting from restructuring and acquisition related expenses, loss on debt extinguishment in 2014 and the change in fair value of contingent consideration liabilities.
“We are pleased with our operating results during the quarter even with the headwinds of scrap prices and currency devaluations,” said Robert Wagman, president and CEO of LKQ Corp. “I am proud that we overcame these challenges and posted 9.1 percent revenue growth and segment EBITDA margins roughly on par with the first quarter of 2014. I was encouraged by signs of improvement in our Wholesale Europe segment profitability after a difficult fourth quarter. Organic revenue growth for parts and services was 7.5 percent, including 14 percent in our Wholesale Europe segment.”
During the first quarter of 2015, LKQ acquired a salvage business located in Nebraska and a distributor of aftermarket automotive products in the Netherlands. LKQ’s European operations opened three Euro Car Parts branches in the first quarter of 2015.