SORL Auto Parts Backs 2016 Outlook

(RTTNews) - SORL Auto Parts, Inc. (SORL) said that it reiterated its expectation for 2016 net sales to be approximately $200.0 million and net income to be approximately $11.5 million.

Net income attributable to stockholders for the second quarter of 2015 increased 220.0% to $7.2 million, or $0.37 per basic and diluted share, compared with $2.3 million, or $0.12 on per basic and diluted share, in the second quarter of 2015.

For the second quarter of 2016, net sales increased by 24.0% to $73.5 million from $59.3 million for the second quarter of 2015. Revenues from the Company's domestic OEM customers increased by 29.2% to $36.7 million from $28.4 million in the second quarter of 2015. Commercial vehicle production and sales increased in the second quarter of 2016. SORL also expanded its leading market position in the second quarter of 2016.