LKQ 1Q profit nearly doubles on revenue from acquisitions

CHICAGO—LKQ Corp., a supplier of used automotive parts, said Wednesday its first-quarter profit nearly doubled, as revenue soared on contributions from acquisitions.

The company also issued strong full-year profit guidance, and LKQ shares jumped $3.11, or 14 percent, to $24.87 in premarket trading. Shares closed at $21.76 Wednesday.

For the quarter ended March 31, LKQ earned $30.9 million, or 22 cents per share, up from $15.8 million, or 14 cents per share, for the same quarter in 2007.

The recent quarter's results were based on about 139.7 million outstanding shares, while the year-ago period's were based on about 112 million.

Revenue more than doubled to $491.9 million from $235.3 million in the 2007 period.

Analysts polled by Thomson Financial expected profit of 20 cents per share on $485.7 million in revenue.

LKQ said the quarter's results benefited from its acquisitions of Keystone Automotive Industries Inc. and two separate recycled parts businesses.

The period also included $1.2 million in restructuring expenses related to the Keystone acquisition.