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Sorl Autoparts shares driving upwards after first quarter beat

Monday, May 15, 2017 10:49

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Sorl Autoparts Inc (NYSE:SORL) gained over 25% on Monday as the market cheered its first quarter performance.

The firm said profit rose to US$6.92 million, or $0.36 per share (analysts had expected $0.15 per share) – up from $0.43 million, or $0.02 per share, in the same period of 2016.

The group is a Sino-foreign joint venture and develops and distributes brake systems and other safety related components to OEMs (original equipment manufacturers), and the related aftermarket in China and internationally.

The parts are used mainly in commercial vehicles, such as trucks and buses

Revenue for the three months came in at $73.89mln compared to $53.84mln last year.

Moreover, the firm also raised its full year 2017 sales guidance from $297mln to $315 million.

Shares added 25.65% to US$5.70.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/177817/sorl-autoparts-shares-driving-upwards-after-first-quarter-beat-177817.html

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