SORL Auto Parts Inc. (NASDAQ: SORL) released its second-quarter financial results before the markets opened on Monday. Unfortunately, results were not up to par and investors sent the shares lower.

The auto part retailer said that it had $0.31 in earnings per share (EPS) and $90.2 million in revenue, compared with consensus estimates from Thomson Reuters that called for $0.33 in EPS and revenue of $90.61 million. In the same period of last year, SORL posted EPS of $0.37 and $73.54 million in revenue.

Revenues from the company’s domestic OEM customers increased by 28.9% to $47.3 million from $36.7 million in the second quarter of 2016. Commercial vehicle production and sales increased in the second quarter of 2017, and SORL continued to increase its leading market position.

Sales from China’s domestic aftermarket increased 20.1% to $22.7 million from $18.9 million last year. Higher product sales due to the expiration of OEM warranties from prior new vehicle sales drove the aftermarket business in China. Also, the Chinese government’s increased support for public transportation due to greater urbanization expanded SORL’s bus aftermarket sales.

Revenues from international markets increased 12.8% to $20.2 million from $17.9 million in the second quarter of 2016, primarily due to a larger customer base.

In terms of guidance for the 2017 full year, the company expects to see annual net sales of roughly $315 million and net income to be about $27.5 million — for a point of reference, net income for this quarter was $6.58 million. The consensus estimates for the full year are $1.29 in EPS and $315.23 million in revenue.

On the books, SORL cash and cash equivalents totaled $7.89 million at the end of the quarter, down from with $8.06 million at the end of the previous fiscal year.

Xiaoping Zhang, board chair and chief executive of SORL, commented:

We achieved solid growth in all three business lines led by a 28.8% increase in the segment of our China domestic OEM market. We continued to gain market share as our growth outperformed the overall commercial OEM vehicle market.

Shares of SORL were last seen down 18% at $5.71, with a consensus analyst price target of $8.00 and a 52-week range of $2.00 to $9.74.

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