SORL Auto Parts, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Fiscal Year 2018
For the year, the company reported sales of USD 390,522,569 against USD 278,743,122 a year ago. Income from operations was USD 35,130,562 against USD 23,192,269 a year ago. Income before provision for income taxes was USD 31,744,722 against USD 24,621,323 a year ago. Net income attributable to common stockholders was USD 24,324,221 or USD 1.26 per basic and diluted share against USD 19,219,394 or USD 1.00 per basic and diluted share a year ago. Net cash flows provided by operating activities were USD 33,820,649 against USD 5,427,570 a year ago. Acquisition of property, equipment, plant and land use right was USD 52,259,319 against USD 15,889,693 a year ago.
For the fiscal year 2018, management expects net sales to be approximately USD 450 million and net income attributable to stockholders to be approximately USD 28 million.