LKQ Posts 16% Growth Over Last 3Q

Chicago-based OEM auto parts provider LKQ Corp. reported results for its third quarter ended Sept. 30, 2003, with revenue of $83.5 million and net income of $3.5 million, representing growth over the third quarter of 2002 of 16.2 percent and 49.1 percent, respectively.

For the third quarter of 2003, revenue increased 16.2 percent to $83.5 million compared with $71.9 million for the third quarter of 2002. For the third quarter of 2003, net income increased 49.1 percent to $3.5 million compared with $2.4 million for the third quarter of 2002. Diluted earnings per share was 22 cents for the third quarter of 2003 compared with 12 cents for the third quarter of 2002.

For the nine months ended Sept. 30, 2003, revenue increased 12.9 percent to $243.7 million compared with $216.0 million for the same period in 2002. For the nine months ended Sept. 30, 2003, net income before cumulative effect of a change in accounting principle increased 32.7 percent to $11.6 million compared with $8.7 million for the same period in 2002. Diluted earnings per share before cumulative effect of a change in accounting principle was 68 cents per share for the nine months ended September 30, 2003 compared with 45 cents per share for the same period a year ago.

For the nine months ended September 30, 2003, net income increased by $52.8 million to $11.6 million compared with a $41.2 million net loss for the same period in 2002. Diluted earnings per share was 68 cents per share for the nine months ended Sept. 30, 2003 compared with diluted loss per share of $2.12 for the same period in 2002. The 2002 net loss reflects the $49.9 million cumulative effect of change in accounting principle, net of tax in the first quarter of 2002 related to implementation of Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.”

The company said it expects full-year 2003 revenue to be within a range of $323 million to $326 million, net income to be within a range between $14.2 million and $14.6 million and diluted earnings per share to be between 78 and 80 cents per share.

LKQ has 38 sales and processing facilities and 12 redistribution centers that reach most major markets in the United States.