LKQ Corp. today (Oct. 30) reported record revenue for the third quarter of 2014 of $1.72 billion, an increase of 32.6% as compared to $1.30 billion in the third quarter of 2013.
Chicago-based LKQ, parent company of Keystone Automotive Operations — which, in turn, is parent company of the newly combined NTP-STAG — reported that income for the third quarter of 2014 was $91.5 million, an increase of 24.6% as compared to $73.4 million for the same period of 2013.
Diluted earnings per share of 30 cents for the third quarter ended Sept. 30 increased 25% from 24 cents for the third quarter of 2013. The company noted that adjusted diluted earnings per share would have been 31 cents for the third quarter of 2014 compared to 25 cents for the third quarter of 2013 after adjusting for any net losses resulting from restructuring and acquisition related expenses and changes in fair value of contingent consideration liabilities.
The Oct. 3 acquisition of Stag Parkway Holding Co. wasn’t reflected in the quarterly financial results since it happened at the start of the company’s fourth quarter. The acquisition was factored into the company’s updated guidance for 2014.
“We are pleased with our financial and operational performance in the quarter,” said Robert Wagman, president and CEO of LKQ. “We are particularly pleased to see the company deliver organic revenue growth for parts and services of 8.9% and our North American segment report strong organic revenue growth of 6.7% for parts and services.”
On a nine month year-to-date basis, revenue was $5.06 billion, an increase of 35.0% from $3.75 billion for the comparable period of 2013. Parts and services organic revenue growth for the first nine months of 2014 was 9.1%. Net income for the first nine months of 2014 was $301.1 million, as compared to $233.8 million for the first nine months of 2013. Diluted earnings per share was 98 cents for the first nine months of 2014, as compared to 77 cents for the comparable period of 2013.
LKQ is an international provider of alternative and specialty parts for repairs and accessorizing vehicles, with operations in North America, the U.K., the Netherlands, Belgium, France, Australia and Taiwan.