SORL Auto Parts, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Revises Earnings Guidance for the Fiscal Year 2017
For nine months, the company's net sales were $267,589,953 against $192,917,633 a year ago. Income from operations was $30,199,608 against $12,516,226 a year ago. Income before income taxes was $28,040,340 against $13,798,101 a year ago. Net income attributable to common stockholders was $21,433,443 or $1.11 per basic and diluted share against $10,908,103 or $0.57 per basic and diluted share a year ago. Net cash flows used in operating activities were $15,000,413 against net cash flows provided by operating activities of $3,295,884 a year ago. Acquisition of property, equipment, plant and land use right was $36,882,570 against $12,266,591 a year ago.
The management has increased its fiscal year 2017 guidance for net sales from $315.0 million to approximately $370.0 million and net income attributable to common stockholders from $27.5 million to approximately $30.5 million.