Sorl Auto Parts, Inc. (NASDAQ:SORL) second-quarter earnings dropped 40%, owing to weak car sales in China and abroad.
The company’s second quarter net sales were $52.1 million, as compared to $61.1 million for the second quarter of 2011. Net income was $3.0 million, or $0.16 per basic and diluted share, as compared with $5.0 million, or $0.26 per basic and diluted share, in the year ago period. Analysts expected the company to report earnings of $0.18.
As of June 30, 2012, the company had cash and cash equivalents of $21.3 million compared with $17.1 million on December 31, 2011.
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Looking forward, the company revised their fiscal year 2012 net sales expectations to be approximately $198 million and net income to be approximately $11.1 million. The net income guidance is currently based upon 25% tax rate which is subject to change upon the renewal approval of High-Tech Enterprise status.
JDS Uniphase Corporation (NASDAQ:JDSU) shares climbed 4.60% to $11.17 in the pre-market session after the company reported a loss in fourth-quarter loss, primarily due to shrinking revenue from its core business segments. The company's profits have tumbled in recent quarters on expenses and a decline in sales.
The company reported a fourth-quarter loss of $24.3 million, or $0.10 a share, as compared with a profit of $9.3 million, or $0.04 a share, in the same quarter a year earlier. Adjusted earnings fell to $0.15 a share from $0.23 a share. Analysts expected per-share earnings of $0.12. Revenue decreased 6.9% to $439.3 million. The company's downbeat May projection saw revenue of $415 million to $435 million.
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Looking forward, the company announced that for the first quarter of fiscal 2013, it expects non-GAAP net revenue to be in the range of $415 - $435 million. Analysts expected revenue of $427 million.