NTP-Stag parent company LKQ Corp. today (July 30) reported record revenue for the second quarter of $1.84 billion, an increase of 7.5% as compared to $1.71 billion in the second quarter of 2014.
Net income for the second quarter was $119.7 million, an increase of 14.1% as compared to $104.9 million for the same period of 2014. Diluted earnings for the second quarter were 39 cents per share, up 14.7% from 34 cents per share the previous year.
A leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, the company also has signed a definitive agreement to acquire The Coast Distribution System Inc. That transaction is expected to close in the third quarter of this year.
“We are very pleased with our operating results during the quarter even though the headwinds of scrap prices and exchange rate fluctuations we faced in the first quarter of 2015 continued in the second quarter,” stated Robert Wagman, president and CEO of LKQ Corp.
On a six-month year-to-date basis, revenue was $3.61 billion, an increase of 8.3% from $3.34 billion for the comparable period of 2014. Parts and services organic revenue growth for the first six months of 2015 was 7.5%. Net income for the first six months of 2015 was $226.8 million, as compared to $209.5 million for the first half of 2014. Diluted earnings per share was 74 cents for the first six months of 2015, as compared to 69 cents for the comparable period of 2014.
• On July 8, the company announced it acquired substantially all of the assets of PartsChannel Inc., an aftermarket collision parts distributor with 14 warehouses servicing over thirty markets across the United States. Terms of the transaction were not disclosed.
• On July 9, the company announced that it signed a definitive agreement to acquire The Coast Distribution System Inc. for $5.50 per share in cash. Coast is a leading distributor of replacement parts, supplies and accessories for recreational vehicles primarily to retail parts and supplies stores, service and repair establishments, and new and used RV dealers in North America. The Coast acquisition is expected to close in the third quarter of 2015.
• Since the beginning of the second quarter of 2015, LKQ also acquired eight distributors of aftermarket automotive products in the Netherlands, a self service retail business with eight locations in California, a wholesale salvage business located in Alabama, and an aftermarket parts distributor in Iowa. LKQ’s European operations opened two Euro Car Parts branches in the second quarter of 2015.