SORL Auto Parts, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net sales rose 43.4% to USD 123.0 million from USD 85.5 million in the 2016 fourth quarter. Income before income taxes was USD 3.7 million compared with USD 10.8 million in the fourth quarter of 2016. The decrease in income before income taxes reflected higher operating expenses compared to the fourth quarter of 2016. Net income attributable to stockholders for the fourth quarter of 2017 was USD 2.9 million, or USD 0.15 per basic and diluted share, compared with USD 8.3 million, or USD 0.43 per basic and diluted share a year ago.

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.