SORL Auto Parts Issues 2016 Outlook; Q4 Net Income Rises - Quick Facts

(RTTNews) - SORL Auto Parts, Inc. (SORL) announced, for the fiscal year 2016, management expects net sales to be approximately $200 million and net income to be approximately $11.5 million.

"We remain cautiously optimistic, although the recent strength in the heavy-duty truck and excavator markets may signal the beginning of higher construction spending which will increase the need for our products. We continue to build our product portfolio to capture market share in China, the second largest commercial vehicle market globally, even as we expand overseas. We also continue to focus on reducing our costs to ensure we are cost leaders in a competitive market environment," said Ms. Jinrui Yu, SORL's COO.

For the fourth quarter of 2015, net sales decreased by 10.0% to $56.9 million from the fourth-quarter record high of $63.2 million in 2014. Net income attributable to stockholders for the fourth quarter of 2015 was $5.9 million, or $0.31 per share, compared to $4.0 million, or $0.20 per share a year ago.