CHICAGO — LKQ has announced results for its fourth quarter ended Dec. 31, 2007, with revenue of $414.7 million, net income of $21.5 million and diluted earnings of 16 cents per share.
"We finished the year with over $1.1 billion in revenue and 55 cents diluted earnings per share. Our diluted earnings per share exceeded the high end of the range of our previously indicated financial guidance. We reported record revenue for the fourth quarter, and delivered revenue growth of approximately 103 percent, with organic revenue growth at 13 percent for the quarter. We are particularly pleased with our progress to date related to combining our aftermarket businesses with Keystone Automotive Industries, Inc.," said Joe Holsten, president and chief executive officer.
For the fourth quarter of 2007, revenue increased 102.8 percent to $414.7 million, compared with $204.5 million for the fourth quarter of 2006. LKQ’s organic revenue growth for the quarter was 13.3 percent. Net income for the quarter increased 111.3 percent to $21.5 million, compared with $10.2 million for the fourth quarter of 2006. Diluted earnings per share was 16 cents for the quarter, compared with 9 cents for the fourth quarter of 2006.
For the full year ended Dec. 31, 2007, revenue increased 42.7 percent to $1.1 billion, compared with $789.4 million for the same period in 2006. Organic revenue growth for the year was 12.4 percent. For the year, net income increased 48.4 percent to $65.9 million, compared with $44.4 million for the same period in 2006. Diluted earnings per share was 55 cents for the year, compared with 40 cents for the same period a year ago.
The company expects that 2008 organic revenue growth will be approximately 10 percent, with the balance of revenue growth being the full year impact of 2007 business acquisitions. Excluding the effect of any 2008 restructuring expenses LKQ may have related to the Keystone acquisition the company expects full year 2008 net income to be within a range of $102 million to $108 million and diluted earnings per share to be between 73 cents and 77 cents.
LKQ anticipates that net cash provided by operating activities for 2008 will be more than $85 million. Full year 2008 capital expenditures related to property and equipment, excluding expenditures for acquiring businesses, are expected to be between $65 million to $75 million. This includes approximately $10 million related to capital expenditures planned for late 2007 on projects that became delayed and approximately $4.8 million related to restructuring LKQ’s aftermarket business as a result of the Keystone acquisition.
For more information about LKQ, go to: http://www.lkqcorp.com.
