* Q4 adj EPS $0.23 vs est. $0.21/shr
* Revenue up 20 pct
* Sees present trends to support higher demand
Feb 25 Automobile-parts recycler LKQ Corp
LKQX.O posted better-than-expected quarterly results, mainly
helped by a rise in demand for its collision repair products,
and said it expects higher demand for its products in 2010.
For the fourth quarter, the company reported net income
from continuing operations of $36.5 million, or 25 cents a
share, compared with $14.3 million, or 10 cents a share a year
Excluding items, it earned 23 cents a share. Revenue rose
about 20 percent to $555.9 million.
Analysts on average were expecting earnings of 21 cents a
share, before items, on revenue of $525.9 million, according to
Thomson Reuters I/B/E/S.
"The fourth quarter was particularly strong and reflected a
continued trend to expand the use of alternative collision
parts," Chief Executive Joseph Holsten said in a statement.
For 2010, LKQ forecast earnings of $1.00 to $1.06 a share
and said expects revenue from parts and services is to grow
organically at a rate of 6 percent to 8 percent. [ID:nWNAB1823]
"We anticipate that the current trends of improving miles
driven and expansion in the utilization of alternative parts
for collision repairs will continue in 2010 and support higher
demand for the products we sell," said Holsten.
The company sources used and damaged vehicles and
dismantles them to obtain a range of vehicle products that it
distributes into the light vehicle repair market.
Shares of LKQ Corp closed at $18.94 Wednesday on Nasdaq.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Saumyadeb