SORL Auto Parts Inc. Q3 Earnings Decline 29%

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

The company said its bottom line dropped to $2.05 million, or $0.11 per share. This was lower than $2.90 million, or $0.15 per share, in last year's third quarter.

Analysts had expected the company to earn $0.20 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 14.3% to $50.32 million. This was down from $58.70 million last year.

SORL Auto Parts Inc. earnings at a glance:

-Earnings (Q3): $2.05 Mln. vs. $2.90 Mln. last year. -Earnings Decline (Y-o-Y): -29.3% -EPS (Q3): $0.11 vs. $0.15 last year. -EPS Decline (Y-o-Y): -26.7% -Analysts Estimate: $0.20 -Revenue (Q3): $50.32 Mln vs. $58.70 Mln last year. -Revenue Change (Y-o-Y): -14.3%

-Guidance: Full year revenue guidance: $217