SORL Auto Parts Q1 Profit Rises On Higher International Sales - Quick Facts

(RTTNews) - SORL Auto Parts, Inc. (SORL), a manufacturer and distributor of automotive brake systems in China, reported Friday that its first-quarter net income attributable to stockholders increased 10.1 percent to $3.1 million or $0.16 per share from last year's $2.8 million or $0.14 per share a year ago.

Revenues for the first quarter increased 4.4 percent to $52.2 million from prior year's $49.99 million.

Revenues from the company's domestic OEM customers decreased 9.4 percent. Domestic aftermarket revenues rose 18 percent. International sales climbed 27.5 percent and aftermarket sales rose by 18 percent.

Gross margin, meanwhile, declined to 26.3 percent, primarily due to temporary price promotions to increase sales and market share.