SORL Auto Parts +1.5% post Q1 results [Seeking Alpha]
SORL AUTO PARTS (SORL)
Last sorl auto parts earnings: 11/14 04:25 pm
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US:NASDAQ Investor Relations:
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Source: Seeking Alpha
SORL Auto Parts +1.5% post Q1 resultsSORL Auto (NASDAQ:SORL) reports Domestic OEM customers sales rose 33.5% to $51.8M inQ1, due to higher truck sales.China's domestic aftermarket sales grew 73.2% to $38M .International sales up 27.9% to $17.9M, due to an expanding overseas customer base.Total commercial vehicle sales in China grew by 3.6% with total truck sales up by 3.6% led by a 13.8% growth in heavy-duty truck sales.Gross margin rate deleveraged 20 bps to 28%.FY2018 Guidance: Net sales: ~$450M; Net income: ~$28M."Our growing broad line of advanced products with their higher performance and reliability is providing the growth stimulus to enhance our market position in key markets. We are now better positioned in our markets than any time in our history," stated Ms. Jinrui Yu, SORL's Chief Operating Officer.SORL+1.53% premarket.Previously:SORL Auto reports Q1 results (May 15)See all stocks on the move »Now read:Tesla Under Fire »
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