Business
China Automotive Systems Reports a 29.2% Increase in Diluted Earnings Per Share Growth in the Third Quarter of 2023
WUHAN, China, Nov. 10, 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, Nov. 10, 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 third quarter and nine months ended September 30, 2023.\n\nThird Quarter 2023 Highlights\nNet sales increased slightly to $137.5 million, compared to $137.2 million in the third quarter of 2022.Electric power steering (\"EPS\") product sales increased by 2.0% year-over-year to $45.7 million.Gross profit increased 18.7% to $24.8 million and gross margin rose to 18.0%, compared to 15.2% in the third quarter of 2022.Income from operations increased by 108.2% to $10.2 million, compared to $4.9 million in the third quarter of 2022;Net income attributable to parent company's common shareholders increased by 26.7% to $9.5 million, or diluted income per share of $0.31, compared to a net income attributable to parent company's common shareholders of $7.5 million, or diluted income per share of $0.24, in the third quarter of 2022.First Nine Months of 2023 Highlights\nNet sales rose by 4.1% to $417.2 million, compared to $400.8 million in the first nine months of 2022.Gross profit increased 18.3% to $69.1 million and gross margin was 16.6%, compared to 14.6% in the first nine months of 2022.Income from operations increased 144.8% to $25.7 million, compared to income from operations of $10.5 million in the first nine months of 2022.Net income attributable to parent company's common shareholders was $26.8 million, or diluted income per share of $0.89, compared to net income attributable to parent company's common shareholders of $16.8 million, or diluted income per share of $0.55 in the first nine months of 2022.Cash and cash equivalents and pledged cash were $135.1 million as of September 30, 2023.Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, \"Our EPS product sales and our Brazilian operations continued to grow as we face headwinds in the global auto markets. Sales of both traditional hydraulic and EPS steering products were stable in the third quarter of 2023. Sales into the U.S. were down slightly as one customer's orders declined. On the other hand, orders from our major customer in Brazil continued to increase.\"\n\"Chinese GDP grew at 4.9% year-over-year in the third quarter of ...