Business
China Automotive Systems Reports Income From Operations Increased by 38.7% in the Second Quarter of 2024
WUHAN, China, Aug. 13, 2024 /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. 13, 2024 /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, 2024.\n\nSecond Quarter 2024 Highlights\nNet sales rose 15.4% year-over-year to $158.6 million from $137.4 million in the second quarter of 2023.Gross profit increased by 29.0% year-over-year to $29.3 million from $22.7 million in the second quarter of 2023; gross margin increased to 18.5% in the second quarter of 2024 from 16.5% in the second quarter of 2023Income from operations increased by 38.7% year-over-year to $10.8 million, from income from operations of $7.8 million in the second quarter of 2023.Net income attributable to parent company's common shareholders was $7.1 million, or diluted earnings per share of $0.24.First Six Months of 2024 Highlights\nNet sales grew by 6.6% year-over-year to $298.0 million, compared to $279.7 million in the first six months of 2023.Gross profit increased by 20.4% year-over-year to $53.4 million, compared to $44.3 million in the first six months of 2023; gross margin increased to 17.9% in the first six months of 2024 from 15.9% in the same period last yearIncome from operations rose by 31.7% year-over-year to $20.5 million compared to income from operations of $15.5 million in the first six months of 2023.Net income attributable to parent company's common shareholders was $15.4 million.Diluted earnings per share attributable to parent company's common shareholders was $0.51.Cash and cash equivalents, and pledged cash were $148.4 million, or approximately $4.92 per share, as of June 30, 2024.A special cash dividend of $0.80 per common share has been declared for shareholders of record on July 30, 2024.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"We are pleased to report strong top line growth and accelerating margin expansion. Sales growth was led by an increase of 33.7% in sales of Electric Power Steering (\"EPS\") products in the second quarter of 2024, which now accounts for one-third of our total sales.\"\n\"According to statistics from the China Association of Automobile Manufacturers, overall automobile sales in China increased by 6.1% year-over-year in the first six months of 2024 wi...