SORL Auto Parts Inc. Announces 86% Decline In Q1 Profit

(RTTNews) - SORL Auto Parts Inc. (SORL) revealed a profit for first quarter that dropped from last year.

The company said its profit dropped to $0.43 million, or $0.02 per share. This was down from $3.05 million, or $0.16 per share, in last year's first quarter.

Analysts had expected the company to earn $0.14 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 3.1% to $53.84 million. This was up from $52.20 million last year.

SORL Auto Parts Inc. earnings at a glance:

-Earnings (Q1): $0.43 Mln. vs. $3.05 Mln. last year. -Earnings Decline (Y-o-Y): -85.9% -EPS (Q1): $0.02 vs. $0.16 last year. -EPS Decline (Y-o-Y): -87.5% -Analysts Estimate: $0.14 -Revenue (Q1): $53.84 Mln vs. $52.20 Mln last year. -Revenue Change (Y-o-Y): 3.1%

-Guidance: Full year revenue guidance: $200 Mln