LKQ Corp. reported revenue for the third quarter of 2015 of $1.83 billion, an increase of 6.4 percent as compared to $1.72 billion in the third quarter of 2014. On a constant currency basis, revenue for the third quarter of 2015 grew by 10.2 percent compared to the third quarter of 2014. Net income for the third quarter of 2015 was $101.3 million, an increase of 10.7 percent as compared to $91.5 million for the same period of 2014. Diluted earnings per share of 33 cents for the third quarter ended Sept. 30, 2015, increased 10 percent from 30 cents for the third quarter of 2014. The company noted that adjusted diluted earnings per share for the third quarter 2015 would have been 34 cents compared to 31 cents for the third quarter of 2014 after adjusting each of the periods for net losses resulting from restructuring and acquisition related expenses, and the change in fair value of contingent consideration liabilities.
“We are very pleased with our operating results during the quarter even though the headwinds related to lower scrap prices and exchange rate fluctuations which we faced in the first half of 2015 continued in the third quarter,” said Robert Wagman, president and CEO of LKQ Corp. “I am particularly pleased with the 14.9 percent revenue growth in parts and services on a constant currency basis. Our European segment showed continued improvement, with its EBITDA margins for the quarter increasing 190 basis points over the prior year. Organic revenue growth for parts and services was 6.8 percent on a global basis, including a solid 10 percent for our Specialty segment.”
On a nine-month, year-to-date basis, revenue was $5.44 billion, an increase of 7.7 percent from $5.06 billion for the comparable period of 2014. Parts and services organic revenue growth for the first nine months of 2015 was 7.3 percent. Net income for the first nine months of 2015 was $328.2 million, a 9 percent increase compared to $301.1 million for the first nine months of 2014. Diluted earnings per share was $1.07 for the first nine months of 2015, as compared to 98 cents for the comparable period of 2014, and adjusted diluted earnings per share was $1.10 for the first nine months of 2015 compared to $1.01 in 2014.
