SORL Auto Parts, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Revises Earnings Guidance for the Fiscal Year 2018
For nine months, the company's net sales were USD 344,815,965 against USD 267,589,953 a year ago. Income from operations was USD 30,425,177 against USD 30,199,608 a year ago. Income before income taxes was USD 26,668,323 against USD 28,040,340 a year ago. Net income attributable to common stockholders was USD 9,411,708 or USD 0.49 per basic and diluted share against USD 21,433,443 or USD 1.11 per basic and diluted share a year ago. Net cash flows from operating activities were USD 81,192,197 against USD 15,000,413 a year ago. Acquisition of property, equipment, plant and land use right was USD 40,142,267 against USD 36,882,570 a year ago.
The management has reiterated its fiscal year 2018 guidance for net sales of approximately USD 450 million and revised net income attributable to common stockholders to approximately USD 16 million. Excluding the impact of U.S. tax reform, the net income attributable to common stockholders would have been expected to reach approximately USD 27 million.