Sorl Auto Parts, Inc. (NASDAQ:SORL) stock was surging on Tuesday following the release of its earnings report for the first quarter of 2018.
During the first quarter of the year, Sorl Auto Parts, Inc. reported earnings per share of 43 cents. This is better than its earnings per share of 36 cents reported in the same period of the year prior. It was also a boon to SORL stock by coming in well above Wall Street’s earnings per share estimate of 19 cents for the quarter.
Net income reported by Sorl Auto Parts, Inc. for the first quarter of 2018 came in at $9.19 million. This is an increase over the company’s net income of $7.69 million that was reported in the first quarter of 2017.
Sorl Auto Parts, Inc.’s operating income was $13.99 million for the first quarter of the year. The auto parts manufacturer reported operating income of $9.63 million for the same quarter of the previous year.
Sorl Auto Parts, Inc. also reported revenue of $107.73 million for the first quarter of 2018. This is a roughly 44% jump from its revenue of $74.75 million that was reported in the same time last year. It was also good news for SORL stock by blowing past analysts’ revenue estimate of $86.96 million for the period.
Sorl Auto Parts, Inc. notes that part of the reason for its strong revenue in the first quarter of the year was an increase in aftermarket sales in China. The company says it saw aftermarket sales in the country increase about 73% from $22.00 million to $38.00 million.
SORL stock was up 12% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.