SORL Auto Parts, Inc. (NASDAQ: SORL) found its shares rocketing Monday, on record net auto parts sales.
The Chinese-based SORL reported net sales increased 19.9% to another new annual sales record of $468.0 million compared to the prior annual record of $390.5 million in 2017. A news release out Monday declared gross margin was 26.2% as compared with 26.7% a year ago.
Income from operations was $34.2 million compared with $35.1 million in 2017. Net income attributable to stockholders for fiscal year 2018 was $12.7 million compared with $24.3 million 2017. Diluted earnings per share were $0.66 in 2018 compared with $1.26 in 2017.
Excluding the impact of income tax provision associated with the U.S. tax reform, net income attributable to stockholders for fiscal year 2018 would have been $23.7 million, or $1.23 per basic and diluted share.
Cash flow from operations grew to $161.2 million from $33.8 million in 2017.
CEO Xiaoping Zhang, said, "We are pleased to report robust growth in sales to Chinese OEM market in the fourth quarter and another record top line in 2018, especially in the weakening economy in China. While we grew sales and expanded our market shares in all our three lines of business in 2018, we remained profitable and generated strong free cash flow."
SORL is a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China
Shares for the stock gained 30 cents, or 10.3%, to $3.18
Related Stories
