China Automotive Systems Reports a 26.8% Net Sales Increase in 2022 Third Quarter and 175% Diluted EPS Growth in First Nine Months

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[{"type":"text","content":"Q3 Revenues in Brazil Grew by 51.9% year-over-year Amid Currency Headwinds\nWUHAN, China, Nov. 14, 2022 /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 third quarter and nine months ended September 30, 2022.\n Third Quarter 2022 Highlights\nNet sales increased by 26.8% to $137.2 million compared with $108.2 million in the third quarter of 2021;Electric power steering (\"EPS\") product sales increased by 52.4% to $44.8 million;Gross profit increased 24.4% to $20.9 million and gross margin was 15.2% compared with 15.5% in the third quarter of 2021;Income from operations was $4.9 million compared with income from operations of $0.6 million in the third quarter of 2021;Net income attributable to parent company's common shareholders was $7.5 million, or diluted income per share of $0.24, compared to a net loss attributable to parent company's common shareholders of $0.3 million, or diluted loss per share of $0.01, in the third quarter of 2021.First Nine Months of 2022 Highlights\nNet sales rose by 11.6% to $400.8 million compared to $359.2 million in the first nine months of 2021;Gross profit increased 11.4% to $58.4 million and gross margin was 14.6% compared with 14.6% in the first nine months of 2021;Income from operations was $10.6 million compared with income from operations of $4.9 million in the first nine months of 2021;Net income attributable to parent company's common shareholders was $16.8 million, or diluted income per share of $0.55, compared to net income attributable to parent company's common shareholders of $6.1 million, or diluted income per share of $0.20 in the first nine months of 2021;Free cash flow increased to $19.8 million compared with negative $11.7 million in the first nine months of 2021;Cash and cash equivalents and pledged cash were $131.7 million as of September 30, 2022.Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, \"Overall vehicle sales in China rose by 29.4% in the third quarter of 2022 with passenger car sales up by 36.6% while commercial vehicles sales declined by 10.6%, according to data from the China Association of Automobile Manufacturers. U.S. auto sales declined slightly by 0.9% in the third quarter of 2022. ...

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