* Q4 EPS $0.28 vs est $0.19
* Q4 sales up 63 pct to $41 mln vs est $36.25 mln
* Sees Q1 sales $30 mln vs est $28.07 mln
* Shares up as much as 10 pct
March 29 Chinese air brake systems maker SORL
Auto Parts Inc (SORL.O) posted better-than-expected quarterly
results, helped by strong sales and margins from its domestic
original equipment manufacturer market, and forecast
first-quarter sales above market estimates.
The company's fourth-quarter net income was $5.0 million,
or 28 cents a share, compared with $1.8 million, 10 cents a
share, in the year-ago period.
Sales rose 63 percent to $41 million.
Analysts on average were expecting the company to earn 19
cents a share on revenue of $36.25 million, according to
Thomson Reuters I/B/E/S.
The company said it sees sales of about $30 million in the
first quarter of 2010. Analysts expected revenue of $28.07
SORL also said it signed a preliminary agreement with the
Shandong Shifeng Group, a Chinese agricultural vehicle maker,
to increase its sales of brake systems and related products.
The two companies also plan to develop new products.
The company said it also secured a joint development and
multi-year supply agreement with Shenzhen Wuzhoulong Motors Co
Ltd, an alternative energy bus manufacturer in China, to supply
Shares of the company were up 3 percent at $9.98 in morning
trade Monday on Nasdaq. They touched a high of $10.65 earlier
in the session.
(Reporting by Vinay Sarawagi in Bangalore; Editing by Maju