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Car parts supplier LKQ reports higher quarterly income

LKQ Corp. posted a 43.8% increase in net income attributable to company's stockholders for the fourth quarter of 2017.

Net income grew to $124.17 million, or 40 cents per share, up year over year from $86.33 million, or 28 cents per share.

The Illinois-based company's revenue during the quarter increased by 14.9% year over year to $2.47 billion, from $2.15 billion the previous year. Operating income came in at $167.95 million, increasing from $161.88 million in the year-ago period.

Net income for the full year increased 15% to $533.74 million, or $1.72 per share, compared with $463.98 million in 2016, or $1.50 per share. The revenue for the full year was $9.74 billion, compared with $8.58 billion in 2016.

The supplier of replacement automotive parts expects net income from continuing operations in 2018 of between $646 million and $676 million. It projects adjusted net income from continuing operations of between $720 million and $750 million.

Diluted EPS should come in between $2.07 and $2.16, while adjusted diluted EPS from continuing operations is expected to be between $2.30 and $2.40.

LKQ expects a favorable impact of the U.S. tax reform and anticipates a tax rate of approximately 26% in 2018.