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SORL Auto Parts Q4 profit climbs 80.6% YOY

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SORL Auto Parts Q4 profit climbs 80.6% YOY

SORL Auto Parts Inc. said its normalized net income for the fourth quarter came to 30 cents per share, a gain of 80.6% from 16 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.8 million, a gain of 80.6% from $3.2 million in the prior-year period.

The normalized profit margin increased to 10.1% from 5.0% in the year-earlier period.

Total revenue declined 10.1% year over year to $56.9 million from $63.2 million, and total operating expenses fell 18.2% from the prior-year period to $47.0 million from $57.5 million.

Reported net income grew 55.0% year over year to $6.0 million, or 31 cents per share, from $3.9 million, or 20 cents per share.

For the year, the company's normalized net income totaled 59 cents per share, an increase of 15.7% from 51 cents per share in the prior year.

Normalized net income was $11.5 million, a rise of 15.7% from $9.9 million in the prior year.

Full-year total revenue fell 8.0% year over year to $218.7 million from $237.7 million, and total operating expenses decreased 8.1% on an annual basis to $200.2 million from $217.8 million.

The company said reported net income decreased year over year to $13.3 million, or 69 cents per share, in the full year, from $13.7 million, or 71 cents per share.