Income from continuing operations for the second quarter of 2011 was $46.7 million, an increase of 23.2 percent as compared to $37.9 million for the same period of 2010. Diluted earnings per share from continuing operations of $0.32 for the second quarter ended June 30, 2011 increased 23.1 percent from $0.26 for the second quarter of 2010.
"All of the operating groups performed well during the quarter," stated Robert Wagman, president and co-chief executive officer of LKQ Corporation. Wagman continued, "We believe higher fuel prices and lower miles driven created some challenges for certain segments of our business. Despite those challenges, the Company delivered total organic growth of 12.2 percent in the quarter, including 8.4 percent for parts and services."
Joseph Holsten, vice chairman and co-chief executive officer of LKQ Corporation added, "We continued our acquisition plans which contributed 17.5 percent to our revenue growth year-over-year. While realizing the full potential of these businesses will take some time, we are on pace with our plans for integration."
On a six month year-to-date basis, revenue was $1.55 billion, an increase of 30.1 percent from $1.19 billion for the same six month period of 2010. Income from continuing operations for the first six months of 2011 was $104.9 million, as compared to $89.9 million for the first half of 2010. Diluted earnings per share from continuing operations was $0.71 for the first six months of 2011, as compared to $0.62 for the same six month period of 2010. Organic revenue growth on a six month year-to-date basis was 12.9 percent. Parts and services revenue grew organically by 9.4 percent. Acquisition revenue growth on a six month year-to-date basis was 17.0 percent.
Wagman added: "Overall, we are excited about the industry dynamics we see today. Alternative parts usage continues to grow, our fill rates are at historical highs, and we continue to see strong insurance support as we explore alternative salvage solutions outside of the traditional auction environment."