CHICAGO — LKQ Corp. announced results for its first quarter ended March 31, 2009. Revenue for the first quarter of 2009 was $518.0 million, an increase of 5.3 percent from $491.9 million in the first quarter of 2008. Net income for the first quarter of 2009 was $32.3 million, an increase of 4.6 percent from $30.9 million in the first quarter of 2008. Diluted earnings per share were 23 cents for the first quarter of 2009, compared to 22 cents for the same period of last year.
"With most of the Keystone integration behind us, we began to see the benefits during the quarter of our earlier efforts to capture the 'first call' for replacement parts and realized organic revenue growth in both the aftermarket and recycled revenue categories," says Joseph Holsten, president and chief executive officer. "As demand, although still weak, for scrap metal improved, we were able to stabilize our self-service retail business and return it to profitability. The results for the quarter reinforce the resiliency of our businesses, despite the weak economic trends and continued declines in miles driven and insurance claims."
LKQ’s settlement with Ford Motor Co. was a major milestone for LKQ because it lifted a “cloud of concern held by some of our vendors, partners and investors and gives us exclusive rights to sell aftermarket parts that correspond to Ford-patented collision repair parts,” he said. Click here to read that article.
For the first quarter of 2009, consolidated revenue, excluding other revenue, was $469.3 million, an increase of 9.1 percent compared to $429.9 million for the first quarter of 2008. Organic revenue growth, excluding other revenue, was 5.1 percent. Organic revenue growth, including other revenue, was essentially flat because of the impact of lower commodity prices, primarily affecting our self-service retail operations.
As of March 31, 2009, LKQ's balance sheet reflected cash and equivalents of $92.8 million compared to $79.1 million as of Dec. 31, 2008. Debt as of March 31, 2009 was $638.6 million compared to $642.9 million at the end of 2008. As of April 29, 2009, liquidity available under LKQ's revolving credit agreement was $66.8 million.
During the first quarter, LKQ acquired a heavy-duty truck parts recycling operation in Tampa, Fla., and wholesale automobile salvage businesses in the Raleigh/Durham, N.C., area and the Montreal, Quebec, Canada area. Historical annual revenue for the acquired businesses was approximately $18 million.
