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UPDATE 1-LKQ Corp Q1 beats Street, raises 2010 profit view
April 29, 2010 / 12:27 PM / 7 years ago

UPDATE 1-LKQ Corp Q1 beats Street, raises 2010 profit view

* Q1 adj EPS $0.36 vs est $0.28

* Revenue $603.5 mln vs est $588.7 mln

* Sees 2010 EPS $1.06-$1.12

April 29 (Reuters) - Automobile-parts recycler LKQ Corp LKQX.O posted a better-than-expected quarterly profit, helped by higher commodity prices and increased parts and services revenue, and it raised its earnings outlook for 2010.

The company forecast 2010 adjusted earnings of $1.06 to $1.12 per share, up from its prior view of $1.00 to $1.06 a share.

Analysts on an average were expecting earnings of $1.05 per share, according to Thomson Reuters I/B/E/S.

For the first quarter, the company reported net income of $53.9 million, or 37 cents a share, compared with $32.3 million, or 23 cents a share, a year earlier.

The company earned 36 cents a share from continuing operations.

Revenue rose 18 percent to $603.5 million.

Analysts on an average were expecting earnings of 28 cents a share on revenue of $588.7 million.

Shares of the company closed at $21.20 Wednesday on Nasdaq. (Reporting by Megha Mandavia in Bangalore; Editing by Anne Pallivathuckal)

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