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SORL Auto Parts Breaks Out to New Highs

Justin Kuepper

SORL Auto Parts, Inc. ( SORL) shares rose more than 20% on Tuesday after the company posted strong first quarter financial results, but the stock closed only about 6% higher by the end of the session after traders took profits off the table. Revenue rose 44.1% to $107.73 million, and earnings per share came in at $0.43, which were stronger results than the market had been expecting to see. The strong earnings came after a rough fourth quarter, when management suggested that higher distribution expenses would cut into profitability.