Business
China Automotive Systems Reports Almost 200% Increase in Net Income in the Second Quarter of 2022
WUHAN, China, Aug. 12, 2022 /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, 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 second quarter and six months ended June 30, 2022.\nSecond Quarter 2022 Highlights\nNet sales rose 5.5% to $127.2 million from $120.6 million in the second quarter of 2021.Gross profit increased 43.7% to $22.7 million from $15.8 million in the second quarter of 2021; gross margin was 17.9%, compared with 13.1% in the second quarter of 2021.Income from operations was $7.2 million, compared to income from operations of $0.1 million in the second quarter of 2021.Net income attributable to parent company's common shareholders was $9.4 million, or diluted earnings per share of $0.31, compared to net income attributable to parent company's common shareholders of $3.2 million, or diluted earnings per share of $0.10 in the second quarter of 2021.First Six Months of 2022 Highlights\nNet sales grew by 5.1% to $263.6 million, compared to $250.9 million in the first six months of 2021.Gross profit increased by 5.1% to $37.4 million, compared to $35.6 million in the first six months of 2021; gross margin was 14.2% in the first six months of 2022, which is consistent with 14.2% in the first six months of 2021.Income from operations was $5.7 million compared with income from operations of $4.3 million in the first six months of 2021.Net income attributable to parent company's common shareholders was $9.4 million, compared to net income attributable to parent company's common shareholders of $6.4 million in the first six months of 2021; diluted earnings per share attributable to parent company's common shareholders was $0.30, compared to diluted earnings per share attributable to parent company's common shareholders of $0.21 in the first six months of 2021.Net cash provided by operating activities was $14.5 million in the first six months of 2022.Cash and cash equivalents, and pledged cash were $143.8 million as of June 30, 2022.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"Our second quarter 2022 sales grew a modest 5.5% as the Chinese economy slowed with GDP growth of 0.4% in the second quarter of 2022 and 2.5% for the first half of 2022. However, most of our divisions reported higher sal...