Business
China Automotive Systems Reports 45.0% Net Sales Increase in the Second Quarter of 2021
WUHAN, China, Aug. 12, 2021 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and
About this update from China Automotive Systems, Inc.
[{"type":"text","content":"WUHAN, China, Aug. 12, 2021 /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 second quarter and six months ended June 30, 2021.\nSecond Quarter 2021 Highlights\nNet sales rose 45.0% to $120.6 million from $83.2 million in the second quarter of 2020; Gross profit increased 102.6% to $15.8 million from $7.8 million in the second quarter of 2020; gross margin was 13.1% compared with 9.4% in the first quarter of 2020; Income from operations was $0.1 million, compare to a loss of $5.2 million in the second quarter of 2020; Net income attributable to parent company's common shareholders was $3.2 million, or diluted earnings per share of $0.10, compared to a net loss attributable to parent company's common shareholders of $4.1 million in the second quarter of 2020. First Six Months of 2021 Highlights\nNet sales grew by 60.1% to $250.9 million, compared to $156.7 million in the first six months of 2020; Gross profit increased by 87.4% to $35.6 million, compared to $19.0 million in the first six months of 2020; gross margin increased to 14.2% in the first six months of 2021, compared to 12.1% in the first six months of 2020; Income from operations was $4.3 million compared with a loss from operations of $4.2 million in the first six months of 2020; Net income attributable to parent company's common shareholders was $6.4 million compared with a net loss of $4.1 million in the first six months of 2020; diluted earnings per share attributable to parent company's common shareholders was $0.21, compared to diluted loss per share of $0.13 in the first six months of 2020; Net cash provided by operating activities was $5.5 million in the first six months of 2021; Cash and cash equivalents, and pledged cash were $117.3 million as of June 30, 2021.Mr. Qizhou Wu, chief executive officer of CAAS, commented, \"Our second quarter 2021 sales continued to achieve robust growth of 45.0% year-over-year with sales of our advanced hydraulic products rising by 43.9% in the Chinese passenger vehicle market, our electric power steering (\"EPS\") product sales grew by 49.7% and sales into North America were 179.8% higher. Our operations in Brazil also experienced sales growth in the second quarter...