SORL Auto Parts Lifts FY16 Profit, Sales View As Q3 Results Climb - Quick Facts

(RTTNews) - SORL Auto Parts, Inc. (SORL), a Chinese manufacturer of automotive brake and control systems, Monday said it has increased its fiscal 2016 forecast, and now expects net sales of approximately $255 million and net income attributable to common stockholders of approximately $14.5 million.

Previously, the company expected full-year net sales of approximately $200.0 million and net income of approximately $11.5 million.

The revision is based on the Company's current views on the operating and market conditions, which are subject to change.

In its third quarter, attributable net income climbed 55.4 percent to $3.2 million from $2.0 million last year. Earnings per share were $0.17, compared with $0.11 in 2015.

Net sales for the third quarter increased 23 percent to $61.9 million from $50.3 million last year.

Revenues from the Company's domestic OEM customers increased 38.4 percent to $27.8 million. Sales from China's domestic aftermarket increased 16.6 percent to $17.9 million.

Revenues from international markets rose 8.8 percent to $16.2 million, mainly due to the Company's growing global customer base.

Gross margin was 30.1 percent, compared with a gross margin of 28.0 percent for the same period of 2015.

Xiaoping Zhang, SORL's Chairman and Chief Executive Officer, stated, "Led by renewed growth in Chinese truck OEM segments, our sales to OEM, aftermarket and international markets all posted growths as our broad portfolio of advanced products is driving higher volumes. We expanded market share as our growth outpaced the 14.1 percent rise in commercial vehicle production and 6.1 percent increase in commercial vehicle sales during the third quarter."