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Sorl Auto Parts Spikes on Stellar Earnings

Stocks in this article: SORLCAAS

NEW YORK ( TheStreet) -- Auto air brake valves supplier Sorl Auto Parts (SORL) has shot up 5.6% to $10.20 after reporting a spike in fourth-quarter profit on growing sales.

Sorl posted net income of $5 million, or 28 cents a share, for the quarter ended Dec. 31. That was nearly triple the $1.8 million, or 10 cents a share, the company earned a year earlier.

Auto sales in China are surging, up 45% last year to a total that exceeded 13 million. That meant that China became the world's biggest auto market and companies like Sorl are thriving.

Sorl's revenue climbed 63% to $41 million. The company said it was helped by a turnaround in the Chinese truck market last year after a turbulent 2008.

The results blew past Wall Street expectations. Analysts polled by Thomson Reuters expected earnings of 18 cents a share and revenue of $36 million.

Full-year earnings edged higher to $12.8 million, or 70 cents a share, from $12.4 million, or 68 cents a share, the year before. Full-year revenue slipped to $125 million from $130.9 million.

The company said it was able to boost profits despite a dip in revenue by focusing on the Chinese market. Domestic revenue climbed nearly 29% to $63 million last year, while international revenue fell 34% to $30.4 million.

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