China Automotive Systems (CAAS) Reports Q2 EPS In Line With Expectations, Beats On Revenue

Shares of China Automotive Systems (CAAS) were off by 11 percent in Monday trading, after sinking as much as 13 percent, the most intraday since May 5. The maker of steering components and systems supplier for cars in China said its second-quarter Net income attributable to parent company increased to $8.54 million, or $0.28 per share (in-line with the Thomson Reuters (TRI) estimates of $0.28) from $6.08 million or $0.21 per share last year.

Revenues rose 36.2% year-over-year to $85.08 million versus the $80.53 million consensus, all due to organic growth. The co. reported gross profits of $19.8 million, a 21.5% or $3.5 million y/y increase, compared with $16.3 million for the same quarter in 2009.

Looking ahead, the management reaffirmed its fiscal-year-2010 revenue guidance of 25% year-over-year growth to $319.5 million.

Qizhou Wu, Chief Executive Officer of China Automotive Systems commented, “We are very pleased to report our strong quarterly sales as we continue to set new records and expand our market share. Our customer base now consists of over 50 customers in a very diversified portfolio…. We remain optimistic on the overall outlook for 2010, as the Chinese government’s new subsidy policy continues to propel economy and fuel-efficient car sales.”

Shares of China Automotive Systems are lower on the session by $1.99, or 9.61%, currently trading at $18.71. The stock hit a low of $18.02 earlier in the day.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

Be the first to comment

Leave a Reply

Your email address will not be published.


*

This site uses Akismet to reduce spam. Learn how your comment data is processed.