NEW YORK (TheStreet) -- Shares of Sorl Auto Parts (SORL) - Get Report were spiking 51.89% to $2.81 on heavy trading volume early Monday afternoon after the company posted better-than-expected earnings and revenue for the 2016 second quarter.
The Chinese auto parts maker reported earnings of 37 cents per diluted share, up 220% year-over-year and higher than estimates of 18 cents per share.
Revenue for the quarter was $73.5 million, up 24% from last year and above estimates of $57.71 million.
Over 7.22 million shares of Sorl stock have traded so far today, higher than its 30-day daily average of roughly 14,600 shares.
CEO Xiaoping Zhang said that the company accelerated in the OEM and aftermarket in China despite the slow growth of the country's economy.
"We continue to benefit from our ongoing development of new products and systems to capture new market opportunities and win new customers," he added.
Zhang noted that the company has worked to invest in products for the end markets that will benefit from Chinese government policies.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: SORL