WASHINGTON (dpa-AFX) - (Adds Outlook, share movement, dividend)
For the full year, Rick Galloway, CFO of LKQ Corporation (LKQ), revised down its net income per share guidance to $3.32 to $3.62 from $3.43 to $3.73.
Organic revenue growth for parts and services also is now expected to be in the range of 2.5 percent to 4.5 percent, lower than its previous outlook of 3.5 percent to 5.5 percent.
Excluding one-time items, the company reiterated its earnings outlook of $3.90 to $4.20, in line with analysts' average estimate of $4.04 per share.
Commenting on the outlook, Rick Galloway said: 'We are reiterating our full year adjusted earnings per share and free cash flow guidance based on our confidence in the core strengths of our businesses and the action plans already in motion to recover the first quarter's underperformance. We have lowered the range of our organic revenue growth guidance in recognition of the softer than expected first quarter demand and lowered our GAAP earnings per share guidance due to higher projected restructuring and transaction related expenses than prior guidance.'
On April 22, the Board declared a quarterly cash dividend of $0.30 per share, to be paid on May 30, to stockholders on the record as of May 16.
LKQ was trading down by 2.92 percent at $47.50 in the pre-market trade on the Nasdaq.
Q1 Results:
LKQ Corp (LKQ) revealed a profit for first quarter that decreased from last year and missed the Street estimates.
The company's earnings came in at $158 million, or $0.59 per share. This compares with $270 million, or $1.01 per share, in last year's first quarter.
Excluding items, LKQ Corp reported adjusted earnings of $220 million or $0.82 per share for the period.
Analysts on average had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 10.4% to $3.70 billion from $3.35 billion last year.
LKQ Corp earnings at a glance (GAAP) :
-Earnings (Q1): $158 Mln. vs. $270 Mln. last year. -EPS (Q1): $0.59 vs. $1.01 last year. -Revenue (Q1): $3.70 Bln vs. $3.35 Bln last year.
-Guidance: Full year EPS guidance: $3.90 to $4.20
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