Business
China Automotive Systems Reports 12.9% Revenue Increase to Annual Record
China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2024.
About this update from China Automotive Systems, Inc.
[{"type":"text","content":"- Electric Power Steering ("EPS") Sales Increased by 29.9% in 2024 -","length":84,"tagName":"p","attribs":{}},{"type":"text","content":"WUHAN, China, March 28, 2025 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2024.","length":344,"tagName":"p"},{"type":"text","content":"Fourth Quarter 2024 Highlights","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales increased by 18.6% year-over-year to $188.7 million","length":61,"tagName":"p"}]},{"val":[{"type":"text","content":"Gross profit was $29.5 million from $34.7 million. Gross margin of 15.6% compared to 21.8% in the fourth quarter of 2023","length":126,"tagName":"p"}]},{"val":[{"type":"text","content":"Operating income was $8.7 million, compared with $13.6 million in the fourth quarter of 2023","length":92,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income attributable to parent company's common shareholders was $9.1 million, or diluted net income per share of $0.30, compared to net income of $10.9 million, or diluted net income per share of $0.36 in the fourth quarter of 2023.","length":240,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":519,"olType":false},{"type":"text","content":"Fiscal Year 2024 Highlights","length":27,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net sales increased by 12.9% to an annual record of $650.9 million compared to $576.4 million in 2023","length":101,"tagName":"p"}]},{"val":[{"type":"text","content":"Gross profit increased by 5.2% to $109.2 million compared to $103.8 million in 2023. Gross margin was 16.8% compared with 18.0% in 2023","length":135,"tagName":"p"}]},{"val":[{"type":"text","content":"Operating income increased by 2.6% to $40.3 million from $39.2 million in 2023","length":78,"tagName":"p"}]},{"val":[{"type":"text","content":"Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023","length":72,"tagName":"p"}]},{"val":[{"type":"text","content":"Total cash and cash equivalents, pledged cash and short-term investments were $129.4 million at year ...