LKQ Corp., parent company of Keystone Automotive Operations Inc. and its NTP-STAG RV distribution subsidiary, reported record revenue for the first quarter of $2.72 billion, an increase of 16.1% as compared to $2.34 billion in the first quarter of 2017.
During the period, parts and services organic revenue growth was 3.7% and acquisition revenue growth was 6.6%, while the impact of exchange rates was 5.4% as total parts and services revenue grew 15.7%.
Net income from continuing operations attributable to LKQ stockholders for the first quarter was $153 million, an increase of 9% as compared to $141 million for the same period of 2017. On an adjusted basis, net income was $170 million, an increase of 11% as compared to the $153 million for the same period of 2017. Diluted earnings per share was 49 cents, an increase of 9% as compared to the 45 cents for the same period of 2017. On an adjusted basis, diluted earnings per share was 55 cents, an increase of 12% as compared to the 49 cents for the same period of 2017.
Dominick Zarcone, president and CEO, stated, “I am very pleased with the 6.5% organic parts and services growth in our North America segment. Although we faced a few revenue headwinds in Europe and our specialty business, and experienced certain near-term cost pressures in the quarter, we are actively addressing the issues and I am confident that we have solid plans to quickly return to our historical levels of growth and profitability.”