Shares of SORL Auto Parts Inc. (SORL, Financial) plummeted more than 20% on the heels of the company reporting its financial results for the fourth quarter. The company posted adjusted earnings per share of 15 cents. Revenue grew 43.9% from the prior-year quarter to $123 million.
Further, revenues from the domestic original equipment manufacurers segment jumped 73.3% to $38.3 million. Revenues from China's domestic aftermarket inched up 29.6% to $66.1 million. International markets revenue increased 46.5% to $18.6 million. Moreover, the gross profit reached 63.6% and the gross margin was 25.5%, up from 22.3%.
"We are pleased to close out 2017 with another quarter of top-line growth, making it two consecutive years of record-setting annual sales," Chairman and CEO Xiaoping Zhang said. "All three lines of our businesses registered strong growth in the fourth quarter. As the Chinese economy regained growth momentum in 2017, increased infrastructure and residential property development together with the positive effects of supply-side reform and heightened policies of emission control,propelled strong demand for new trucks."
Looking ahead, the company expects fiscal 2018Â net sales to be $450 million and net income attributable to stockholders to be about $28 million.
CASI Pharmaceuticals Inc. (CASI, Financial) rose on Monday after reporting its financial results for the fourth quarter last week. The company posted a loss of 8 cents, a wider loss than in 2016. This increase was due to costs associated with CFDA quality testing in support of its application for import drug registration of Zevalin.
"2017 was an exciting year for CASI and we have entered 2018 with the same strong momentum," Executive Chairman Wei-Wu He said. "We raised $50 million from new and existing investors, which leaves us well-positioned to launch EVOMELA after the CFDA's priority review is concluded."
Disclosure: The author holds no positions in any stocks mentioned.
