LKQ Corporation achieves record results for 2010

LKQ Corporation announced results for its fourth quarter and full year ended December 31, 2010. Income from continuing operations for the fourth quarter was $41.3 million and diluted earnings per share from continuing operations was $0.28. For the full year, income from continuing operations was $167.1 million and diluted earnings per share from continuing operations was $1.15.

For the fourth quarter of 2010, revenue was $674 million compared with $556 million for the fourth quarter of 2009, an increase of 21.3 percent. Income from continuing operations for the quarter was $41.3 million compared with $36.5 million in the prior year, an increase of 13.2 percent. The results of the fourth quarter of 2009 included an after tax gain on bargain purchase of $4.3 million.

For the full year of 2010, revenue was $2.47 billion compared with $2.05 billion for the full year of 2009, an increase of 20.6 percent. Income from continuing operations for the full year was $167.1 million compared with $127.1 million for the prior year, an increase of 31.4 percent. Income from continuing operations for the full year included $0.7 million, or $0.4 million after tax, of restructuring expenses compared to $2.6 million, or $1.6 million after tax, for the prior year. The results of 2009 also included an after tax gain on bargain purchase of $4.3 million.

During the fourth quarter of 2010, LKQ acquired a total of eight businesses including a wholesale recycled products business in Arkansas and a self serve business with two facilities in southern California. These acquisitions were in addition to the previously announced fourth quarter acquisitions of Cross Canada, PROFormance Power Train, SPI Distribution, Best Bumper, a wholesale recycling business in Virginia, and a self service recycling operation in Colorado. Since the beginning of 2011, the Company has completed four additional acquisitions including ATK Vege, an engine remanufacturing business headquartered in Texas; an aftermarket distributor of heating and cooling products located in the Midwest; a heavy duty truck recycling business located in Texas; and a recycled parts business in Milwaukee, Wisconsin.