SORL Auto Parts, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the first quarter of 2017, net sales increased by 37.4% to $73.9 million from $53.8 million in the 2016 first quarter. Income from operations increased by 761.7% to $9.6 million in the first quarter of 2017 compared with $1.1 million in the first quarter of 2016. Income before income taxes was $9.0 million for the first quarter of 2017, compared to $0.4 million for the same quarter of 2016. The increase in income before income taxes reflected higher sales and operating income with lower operating expenses during the first quarter of 2017 compared to the first quarter of 2016. Net income attributable to stockholders for the first quarter of 2017 was $6.9 million, or $0.36 per basic and diluted share, compared with $0.4 million, or $0.02 per basic and diluted share a year ago. Income before income taxes provision was $8,978,973 against $443,666 a year ago. Net cash flows used in operating activities was $3,492,261 against $410,799 a year ago. Acquisition of property and equipment was $14,320,981 against $1,247,024 a year ago.

For the fiscal year 2017, management has increased annual guidance of net sales to be approximately $315 million and net income to be approximately $27.5 million.