Sorl Auto Parts (SORL) Tops Q1 EPS by 21c

Sorl Auto Parts (NASDAQ: SORL) reported Q1 EPS of $0.36, $0.21 better than the analyst estimate of $0.15. Revenue for the quarter came in at $73.9 million versus the consensus estimate of $71.76 million.

• Net sales for the 2017 first quarter increased by 37.4% to $73.9 million from $53.8 million in the first quarter of 2016;
• Gross profit increased by 42.4% with the gross margin rising to 27.8% from 26.8% in the first quarter of 2016;
• Net Income attributable to stockholders was $6.9 million, or $0.36 per diluted share, compared with $0.4 million, or $0.02 per diluted share in the first quarter of

Mr. Xiaoping Zhang, SORL's Chief Executive Officer and Chairman, stated, "We are pleased to announce another quarter of robust performance as we posted growth in all lines of our business and achieved margin expansions from top to bottom. Since the Chinese government introduced rigorous regulations on overloading in the truck market to reduce emissions and improve safety, we have been gaining market share with our advanced new products and superior performance. On the cost side, we continued to exceed our goals due to significantly improved economy of scale, strengthened receivables collections and better-than-expected cost control results."

For earnings history and earnings-related data on Sorl Auto Parts (SORL) click here.

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