Sorl Auto Parts (SORL) Tops Q2 EPS by 19c
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Sorl Auto Parts (NASDAQ: SORL) reported Q2 EPS of $0.37, $0.19 better than the analyst estimate of $0.18. Revenue for the quarter came in at $73.5 million versus the consensus estimate of $57.71 million.
Revenues from the Company's domestic OEM customers increased by 29.2% to $36.7 million from $28.4 million in the second quarter of 2015. Commercial vehicle production and sales increased in the second quarter of 2016. SORL also expanded its leading market position in the second quarter of 2016. Sales from China's domestic aftermarket increased 35.0% to $18.9 million in the second quarter of 2016 from $14.0 million in the same quarter of 2015. The rising expiration of OEM warranties from higher new vehicle sales in the recent past combined to drive the Company's aftermarket business in China. Also greater urbanization and the Chinese government's increased support for public transportation help expand SORL's bus aftermarket sales. Revenues from international markets increased 5.9% to $17.9 million from $16.9 million in the second quarter of 2015.
Sorl Auto Parts reaffirmed FY2016 guidance.
For earnings history and earnings-related data on Sorl Auto Parts (SORL) click here.
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