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Richard Shonfeld submits: On August 14, Chinese auto parts manufacturer Sorl Auto Parts (NASDAQ: SORL) reported second quarter EPS of $0.22 versus the $0.12 single analyst estimate.
The company also reported revenues up 45.1% yr/yr to $29.2 million versus $25.9 million single estimate.
Also, back in March of this year SORL entered into a new sales agreement with TATA Motors (TTM) and opened a sales center to focus on OEMs and aftermarket in the Indian market.
The new agreement with TATA Motors is for a one year term, for the purchase of air brake valves and related products. In 2006, SORL formed a strategic partnership with TATA Motors to supply SORL's high quality auto parts to TATA's commercial vehicles and aftermarket replacement division.
For the aftermarket in China, Sorl Auto Parts, Inc. has established a sales networks of twenty-eight authorized distributors covering the following seven regions nationwide. The 28 distributors sell only SORL products and in turn channel the products through over 800 sub-distributors.
Sorl's total market cap is currently $119 million. The company has 18 million shares outstanding and approximately a 7 million share float.
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