SORL Auto Parts, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Full Year of 2018
For the six months, the company reported sales of $236,231,634 compared to $166,475,962 a year ago. Income from operations was $23,821,890 compared to $18,411,037 a year ago. Income before income taxes provision was $19,529,662 compared to $16,873,605 a year ago. Net income attributable to common stockholders was $15,016,922 or $0.78 per basic and diluted share compared to $12,848,330 or $0.67 per basic and diluted share a year ago. Net cash flows provided by operating activities were $66,092,736 compared to net cash flows used in operating activities of $3,247,978 a year ago. Acquisition of property, equipment and land use rights was $33,712,960 compared to $29,561,593 a year ago.
For the fiscal year 2018, management has reiterated its expectation for annual net sales to be approximately $450 million and net income to be approximately $28.0 million. These targets are based on the company's current views on the operating and market conditions, which are subject to change.