Reuters: Mergers News: UPDATE 2-LKQ sees more acquisitions boosting revenue

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UPDATE 2-LKQ sees more acquisitions boosting revenue Apr 26th 2012, 17:11 Thu Apr 26, 2012 1:11pm EDT * Sees FY12 EPS $1.75 to $1.88 * Q1 adj EPS $0.50 vs est $0.47 * Q1 rev $1.03 bln vs est $1.01 bln * Aftermarket segment rev up 48 pct * Shares up as much as 9 pct By Sagarika Jaisinghani April 26 (Reuters) - Auto parts seller LKQ Corp posted a quarterly profit ahead of market expectations as acquisitions boosted revenue in its largest aftermarket segment, and the company said it is looking at more buys. "We will continue our aggressive acquisition strategy," CEO Robert Wagman said in an interview with Reuters. The company bought four businesses in the first quarter -- a self-service operation in North Carolina, a paint distribution business in Canada, a light vehicle wholesale salvage operation in Quebec and a distributor of remanufactured engines in California. It bought 21 companies last year and 20 in 2010. LKQ entered the European market in October with its acquisition of Euro Car Parts Holdings Ltd (ECP), the largest automotive aftermarket parts distributor in the United Kingdom. It has opened 12 ECP stores so far, and expects to finish the year with a total of 30. The four companies LKQ bought in the first quarter together had revenues of about $46 million, Wagman said. He expects them to add more than that amount to the company's 2012 revenue. Shares of the Chicago-based company, which is valued at about $4.5 billion, rose 9 percent to $33.18 on Thursday on the Nasdaq. They were trading at $33.14. The company, which also recycles products of original equipment manufacturers, said it expects a profit of $1.75 to $1.88 per share for the full year, above its prior view of $1.72 to $1.85 per share. Revenue from its largest aftermarket segment, which sells bumpers, hoods, fenders and grilles, rose 48 percent to $565.3 million, reflecting recent acquisitions. For the first quarter, LKQ earned 50 cents per share, excluding items, on revenue of $1.03 billion. Analysts on average had expected earnings of 47 cents per share on revenue of $1.01 billion, according to Thomson Reuters I/B/E/S. Link this Share this Digg this Email Reprints

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