Business
China Automotive Systems Reports a 91.7% Increase in Diluted Net Income Per Share in Fiscal Year 2022
- Electric Power Steering ("EPS") Sales Increased by 35.6% in 2022 - WUHAN, China, March 30, 2023 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ:
About this update from China Automotive Systems, Inc.
[{"type":"text","content":"- Electric Power Steering (\"EPS\") Sales Increased by 35.6% in 2022 -\nWUHAN, China, March 30, 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 fourth quarter and the audited results for the fiscal year ended December 31, 2022.\nFourth Quarter 2022 Highlights\nNet sales were $128.8 millionGross profit increased by 26.9% to $25.0 million from $19.7 million. Gross margin increased to 19.4% from 14.2% in the fourth quarter of 2021Loss from operations was $2.6 million, compared to income from operations of $0.6 million in the fourth quarter of 2021Net income attributable to parent company's common shareholders was approximately $4.3 million, or diluted net income per share of $0.14, compared to net income of $5.0 million, or diluted income per share of $0.16 in the fourth quarter of 2021.Fiscal Year 2022 Highlights\nNet sales increased by 6.3% to $529.6 million compared to $498.0 million in 2021Gross profit increased by 15.7% to $83.4 million compared to $72.1 million in 2021. Gross margin increased to 15.7% from 14.5% in 2021Operating income increased by 45.5% to $8.0 million compared to $5.5 million in 2021Diluted net income per share increased by 91.7% to $0.69 in 2022 compared to $0.36 in 2021Total cash and cash equivalents, pledged cash and short-term investments were $171.8 million at year endNet cash flow provided by operating activities was $48.0 million compared to $28.3 million in 2021.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"The Chinese economy continued to grow slowly with 2.9% year-over-year growth in the fourth quarter of 2022 and 3.0% growth for the full year, down significantly from the 8.4% growth in 2021. COVID-related lockdowns and travel restrictions in China resulted in supply chain disruptions and slowed automobile sales growth in 2022. According to the China Association of Automobile Manufacturers, overall sales of automobiles in China declined by 3.3% year-over-year in the fourth quarter of 2022 and increased by only 2.1% year-over-year for 2022.\"\n\"Despite all the challenges, we continued to grow our top and bottom lines in 2022. Our sales in the domestic Chinese passenger market improved and revenue from North Ameri...