LKQ Corp. Q1 Profit Climbs Above Street View; Ups Annual Guidance

(RTTNews) - LKQ Corporation (LKQ) on Thursday reported higher profit in the first quarter, better than analysts' view, helped primarily by organic revenue growth for Parts and services. The company also raised its full-year outlook.

LKQ Cop. provides replacement parts, components, and systems used in the repair and maintenance of vehicles.

Income from continuing operations in the first quarter was $269 million or $0.94 per share, slightly higher than $266 million or $0.88 per share in the same quarter a year ago.

Excluding one-time items, earnings were $287 million or $1.00 per share, that beat the average estimate of analysts polled by Thomson Reuters of $0.92 per share. Analysts' estimates typically exclude special items.

Revenue for the first quarter of 2022 was $3.348 billion, an increase of 5.6% as compared to $3.171 billion in the first quarter of 2021. The consensus estimate stood at $3.3 billion.

Looking forward, the company has raised its full-year adjusted earnings outlook to the range of $3.80 to $4.10 from $3.72 to $4.02. Analysts expect earnings of $3.92 per share for the period.

Further, LKQ Corp. sees organic revenue growth for parts and services for the full year to be in the range of 4.5%-6.5%, up from prior outlook of 3%-5%.