SORL Increases Guidance for the 2016 Fiscal Year
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: PR Newswire
ZHEJIANG, China, Dec. 21, 2016 /PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced increased guidance for the fiscal 2016 year to net sales of approximately $269 million from $255 million with net income attributable to common stockholders of approximately $15.4 million from $14.5 million.Ms. Jinrui Yu, SORL's Chief Operating Officer, stated, "We are increasing our guidance due to better-than-anticipated demand for our braking products. The automotive market in China continues to expand in the fourth quarter of 2016, especially demand for heavy- and medium-duty trucks which are key markets for our advanced braking products. Additionally, operating initiatives are increasing production efficiencies. We also note that the net income attributable to common stockholders for the fourth quarter of 2015 was $5.9 million which in
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