LKQ announces quarterly results

LKQ Corporation announced results for its second quarter ended June 30, 2009. Revenue for the second quarter of 2009 was $492.8 million, an increase of 1.7 percent from $484.4 million in the second quarter of 2008. Net income for the second quarter of 2009 was $28.9 million, as compared to $31.0 million in the second quarter of 2008. Diluted earnings per share was $0.20 for the second quarter of 2009, as compared to $0.22 for the same period.

For the second quarter of 2009, organic revenue declined by 3.3 percent. Excluding the other revenue category, aftermarket and recycled product and service revenue was $446.6 million, an increase of 11.5 percent as compared to $400.6 million for the second quarter of 2008.

On a six month year to date basis, revenue was $1.0 billion, an increase of 3.5 percent from $976.3 million for the same six month period of 2008. Net income for the first six months of 2009 was $61.2 million, as compared to $61.9 million for the first half of 2008. Diluted earnings per share was $0.43 for the first six months of 2009, as compared to $0.44 for the same six month period of 2008.

Excluding the impact of any restructuring expenses, LKQ anticipates full year 2009 net income will be in the range of $116.5 million to $124.0 million and diluted earnings per share will be in the range of $0.81 to $0.86.

Weighted average diluted shares outstanding are anticipated to be approximately 144 million for 2009. Share numbers are estimates and will be affected by factors such as future stock issuances, the number of options exercised in subsequent periods, and changes in stock price.