LKQ Corp. 4Q profit falls short of expectations
Shares of auto-parts maker LKQ Corp. fall after 4th-qtr profit misses analysts' expectations
CHICAGO (AP) -- Auto-repair parts maker LKQ Corp. said Thursday that fourth-quarter profit rose 11 percent as acquisitions helped boost revenue.
But the results fell short of Wall Street expectations, the midpoint of the company's 2013 outlook was below analysts' expectations, and the stock fell.
In morning trading, LKQ shares fell $1.61, or 7 percent, to $21.32.
LKQ has been on an acquisition binge, completing a record 30 deals in North America last year to expand its products and geographic reach.
The company said 2013 earnings would be between $1 and $1.09 per share. Analysts were expecting $1.09.
Fourth-quarter net income was $62.2 million, or 21 cents per share, compared with $56.1 million, or 19 cents per share, a year earlier.
Analysts surveyed by FactSet expected 23 cents per share.
Revenue rose 14 percent to $1.07 billion, with more than one-third of the increase coming from acquisitions. Analysts expected $1.08 billion.
For the full year, the Chicago-based company hit the $4 billion revenue mark for the first time, and its profit amounted to $261.2 million, or 87 cents per share. It makes recycled and refurbished parts for auto and truck collision repair and remanufactured engines.
