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SORL Auto Parts Q1 profit climbs 27.3% YOY

SORL Auto Parts Inc. said its first-quarter normalized net income amounted to 13 cents per share, a gain of 27.3% from 10 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.5 million, an increase of 27.3% from $1.9 million in the prior-year period.

The normalized profit margin rose to 4.7% from 3.9% in the year-earlier period.

Total revenue increased year over year to $52.2 million from $50.0 million, and total operating expenses climbed on an annual basis to $47.7 million from $45.7 million.

Reported net income rose 14.3% from the prior-year period to $3.1 million, or 16 cents per share, from $2.7 million, or 14 cents per share.