SORL Auto Parts, Inc. ReportS Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Fiscal Year 2017
For the year, the company reported total sales of $72,904,281 against $59,410,418 a year ago. Income from operations was $23,192,269 against $14,741,289 a year ago. Income before provision for income taxes was $24,621,323 against $16,559,843 a year ago. Net income attributable to common stockholders was $19,219,394 or $1.00 per basic and diluted share against $13,308,486 or $0.69 per basic and diluted share a year ago. Net cash flows provided by operating activities were $5,427,570 against $39,314,251 a year ago. Acquisition of property, equipment, plant and land use right was $15,889,693 against $3,062,369 a year ago.
For the fiscal year 2017, the management expects net sales to be approximately $300 million and net income attributable to stockholders to be approximately $21.0 million.