Replacement auto parts maker LKQ sees 2009 profit up on acquisitions, rising demand for parts

Replacement car parts maker LKQ profit up 28 pct.

CHICAGO — LKQ Corp., a maker of vehicle replacement parts, saw net income for 2009 rise 28 percent to $127.5 million due to acquisitions and expanded use of its collision repair parts, the company said Thursday.

For the fourth quarter, the Chicago-based LKQ made $37.2 million, up from $13 million in the same period of 2008.

The company earned 89 cents per share for the year, up from 71 cents in 2008. For the fourth quarter, it made 26 cents per share, compared with 9 cents in the same period of 2008.

Excluding restructuring costs and a gain on the purchase of an auto recycling business, LKQ said it would have made 23 cents per share for the quarter and 86 cents for the year.

That was less than Wall Street had expected. Analysts polled by Thomson Financial expected 26 cents per share for the quarter and $1.01 for the year.

Revenue for the year was $2.05 billion, up 5 percent from 2008. It rose 20 percent to $555.9 million for the quarter.

“We reached a major milestone in 2009 and exceeded the $2 billion revenue mark,” said CEO Joseph Holsten. The company, he said, overcame economic headwinds early in the year and finished with a strong fourth quarter. He sees a continuing trend toward expanded use of the company’s collision parts.

LKQ acquired Greenleaf Auto Recyclers in the fourth quarter, as well as a heavy-duty truck operation in Fresno, Calif., and a wholesale recycled products business in Albuquerque, N.M.

The company expects full year 2010 income from continuing operations to be in the $145 million to $155 million range.

Shares of LKQ finished unchanged at $18.94.