SORL Auto Parts 2Q earns rise 80 percent

SORL Auto Parts said Thursday that its second-quarter earnings jumped 80 percent, helped by higher profits for parts in its heavy-duty truck segment.The Chinese air brake and auto parts company reported net income of $5.38 million, or 28 cents per share, up from $2.99 million, or 16 cents per...

SORL Auto Parts said Thursday that its second-quarter earnings jumped 80 percent, helped by higher profits for parts in its heavy-duty truck segment.

The Chinese air brake and auto parts company reported net income of $5.38 million, or 28 cents per share, up from $2.99 million, or 16 cents per share, in the year-ago quarter.

Sales increased 68 percent to $49.9 million, up from $29.7 million. SORL said it saw stronger results in its sales to original equipment manufacturers, especially those involved in the heavy duty truck industry.

Analysts surveyed by Thomson Reuters expected earnings of 23 cents per share on sales of $47 million.

The company said it remains optimistic about the second half of 2010, and predicted third-quarter net income of $4 million on sales of $45 million.

Analysts foresee $42.9 million in sales.

Company shares fell 23 cents, or 2.7 percent, to $8.42 in morning trading.

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