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SORL Auto Parts profit beats consensus by 44.5% in Q2

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SORL Auto Parts profit beats consensus by 44.5% in Q2

SORL Auto Parts Inc. said its normalized net income for the second quarter amounted to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 18 cents per share.

EPS increased year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.0 million, an increase from $1.8 million in the year-earlier period.

The normalized profit margin rose to 6.7% from 3.1% in the year-earlier period.

Total revenue climbed 24.1% year over year to $73.5 million from $59.3 million, and total operating expenses increased 16.3% from the prior-year period to $65.9 million from $56.6 million.

Reported net income grew year over year to $7.1 million, or 37 cents per share, from $2.3 million, or 12 cents per share.