Business
China Automotive Systems Reports 90.0% Increase in Net Income Per Share to $0.57 in the First Six Months of 2023
WUHAN, China, Aug. 11, 2023 /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. 11, 2023 /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, 2023.\nSecond Quarter 2023 Highlights\nNet sales rose 8.1% year-over-year to $137.4 million from $127.2 million in the second quarter of 2022.Gross profit was $22.7 million, which is consistent with the $22.7 million in the second quarter of 2022.Income from operations was $7.8 million, compared to income from operations of $7.2 million in the second quarter of 2022.Net income attributable to parent company's common shareholders was $10.5 million, or diluted earnings per share of $0.35, compared to net income attributable to parent company's common shareholders of $9.4 million, or diluted earnings per share of $0.31 in the second quarter of 2022First Six Months of 2023 Highlights\nNet sales grew by 6.1% year-over-year to $279.7 million, compared to $263.6 million in the first six months of 2022.Gross profit increased by 18.4% year-over-year to $44.3 million, compared to $37.4 million in the first six months of 2022.Income from operations rose by 171.9% year-over-year to $15.5 million compared to income from operations of $5.7 million in the first six months of 2022.Net income attributable to parent company's common shareholders was $17.3 million, compared to net income attributable to parent company's common shareholders of $9.4 million in the first six months of 2022;Diluted earnings per share attributable to parent company's common shareholders increased by 90.0% year-over-year to $0.57, compared to diluted earnings per share attributable to parent company's common shareholders of $0.30 in the first six months of 2022.Cash and cash equivalents, and pledged cash were $125.5 million, or approximately $4.16 per share, as of June 30, 2023.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"Our revenue growth accelerated in the second quarter. Most of our divisions reported higher sales and most encouragingly, net sales of our advanced electric power steering (\"EPS\") grew by 28.4% year-over-year.\"\n\"According to statistics from the China Association of Automobile Manufacturers, overall automobile sales in China increased by 17.9% year-...