Business
China Automotive Systems Reports Record Annual Revenue, and a 81.2% Increase in Diluted Net Income Per Share to $1.25 in Fiscal Year 2023
- Electric Power Steering ("EPS") Sales Increased by 24.6% in 2023 - WUHAN, China, March 28, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ:
About this update from China Automotive Systems, Inc.
[{"type":"text","content":"- Electric Power Steering (\"EPS\") Sales Increased by 24.6% in 2023 -\nWUHAN, China, March 28, 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 fourth quarter and the audited results for the fiscal year ended December 31, 2023.\n\nFourth Quarter 2023 Highlights\nNet sales increased by 23.6% year-over-year to $159.2 millionGross profit increased by 38.8% to $34.7 million from $25.0 million. Gross margin increased to 21.8% from 19.4% in the fourth quarter of 2022Operating income was $13.6 million, compared with an operating loss of $2.6 million in the fourth quarter of 2022Net income attributable to parent company's common shareholders increased by 153.5% to $10.9 million, or diluted net income per share of $0.36, compared to net income of $4.3 million, or diluted net income per share of $0.14 in the fourth quarter of 2022.Fiscal Year 2023 Highlights\nNet sales increased by 8.8% to an annual record of $576.4 million compared to $529.6 million in 2022Gross profit increased by 24.5% to $103.8 million compared to $83.4 million in 2022. Gross margin increased to 18.0% from 15.7% in 2022Operating income increased by 390.0% to $39.2 million compared to $8.0 million in 2022Diluted net income per share increased by 81.2% to $1.25 in 2023 compared to $0.69 in 2022Total cash and cash equivalents, pledged cash and short-term investments were $166.3 million at year endNet cash flow provided by operating activities was $19.9 million in 2023.Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"Despite weak GDP data from China, we are very proud of finishing 2023 on a high note. Our revenue and profit growth accelerated in the fourth quarter. We posted a 24.6% increase in our electric power steering (\"EPS\") products which now accounts for 33.8% of total net sales in 2023. Our sales in Brazil rose by 22.9% in 2023. This strong growth in Brazil offsets weakness in North America in 2023. On our product side, we are encouraged by the growing sales of our EPS products and better economy-of-scale that boosted our bottom line.\" \n\"In the first two months of 2024, automobile sales in China increased 11.1% according to statistics from CAAM. We expect our North America busi...