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China Automotive Systems, Inc. (NASDAQ: CAAS) delivers innovative power steering solutions for global vehicle manufacturers. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments, technological advancements, and market positioning.
Track all official announcements including quarterly earnings, strategic partnerships, product innovations, and operational milestones. Our curated feed ensures access to primary source materials for informed analysis of CAAS's role in evolving automotive technologies like electric power steering systems.
Key updates cover R&D breakthroughs, manufacturing expansions, and leadership changes impacting the company's trajectory. Bookmark this page for direct access to filings, press releases, and substantive news affecting CAAS's position as a steering systems leader.
China Automotive Systems (CAAS), a leading power steering components supplier in China, will release its unaudited financial results for the third quarter ended September 30, 2024, on November 13, 2024, before market opening. Management will host a conference call at 8:00 A.M. EST/9:00 P.M. Beijing Time on the same day to discuss the results, followed by a Q&A session. The call will be accessible via multiple phone numbers, and a replay will be available on the company's website.
China Automotive Systems (CAAS), a leading power steering components supplier in China, has announced its Annual Meeting of Stockholders for September 24, 2024. The meeting will be held at 9:00 AM local time in Wuhan, China, corresponding to 9:00 PM EDT on September 23, 2024. CAAS has also set up a conference room in Troy, Michigan, for shareholders to participate via WebEx.
Shareholders can access the meeting by dialing 1-408-792-6300 (U.S./Canada) with pin number 2633 219 5333. A live webcast will be available through a provided link. This announcement ensures shareholders have multiple options to participate in the annual meeting, demonstrating CAAS's commitment to shareholder engagement and transparency.
China Automotive Systems (NASDAQ: CAAS) reported strong financial results for Q2 2024. Net sales rose 15.4% year-over-year to $158.6 million, driven by a 33.7% increase in Electric Power Steering (EPS) product sales. Gross profit increased by 29.0% to $29.3 million, with gross margin improving to 18.5%. Income from operations grew 38.7% to $10.8 million. The company declared a special cash dividend of $0.80 per share.
For the first six months of 2024, net sales grew 6.6% to $298.0 million, with gross profit up 20.4% to $53.4 million. CAAS maintained a strong balance sheet with $148.4 million in cash and cash equivalents. The company reiterated its full-year 2024 revenue guidance of $605.0 million.
China Automotive Systems (Nasdaq: CAAS), a leading power steering components and systems supplier in China, has announced that it will release its unaudited financial results for the second quarter ended June 30, 2024, on Tuesday, August 13, 2024, before the market opens. The company will conduct a conference call on the same day at 7:00 A.M. EDT/7:00 P.M. Beijing Time to discuss these results.
Management will present the results, followed by a question and answer session. Interested parties can participate by calling the provided numbers 10 minutes before the call start time and asking to be connected to the "China Automotive Systems" conference call with pin 748049. A replay of the call will be available on the company's website in the investor relations section.
China Automotive Systems (CAAS) has announced a special cash dividend of $0.80 per common share, payable on August 22, 2024, to shareholders of record as of July 30, 2024. This $25 million dividend marks the company's 20th anniversary on NASDAQ. Since its 2004 listing, CAAS has grown from a small Chinese player to a global tier 1 supplier, with sales increasing by 875% to $576.4 million in 2023. Net income grew 446% to $37.7 million. CAAS has become a leading steering products supplier in China, serving major OEMs like BYD, Geely, and Stellantis globally. The company's growth and dividend reflect its confidence in sustainable future growth and strategic positioning in the evolving auto industry.
China Automotive Systems (NASDAQ: CAAS) reported a 17.4% increase in diluted earnings per share to $0.27 for Q1 2024, compared to $0.23 in Q1 2023. Net sales slightly decreased by 2.0% to $139.4 million. Gross profit rose by 11.6% to $24.1 million with a gross margin of 17.3%. Income from operations surged by 26.0% to $9.7 million, and net income attributable to shareholders increased to $8.3 million from $6.8 million in Q1 2023. Cash flow from operating activities improved significantly to $10.5 million. Despite a 12.4% drop in North American sales, Brazilian sales grew by 17.6%. R&D expenses decreased by 17.2%, while selling and G&A expenses increased. The company maintains its revenue guidance of $605.0 million for the full fiscal year 2024.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for the first quarter of 2024 on May 14, 2024. The company is a prominent supplier of power steering components and systems in China. An earnings call will be held on the same day to discuss the results, followed by a Q&A session. Investors can access the call through provided phone numbers, with a replay available on the company's website.
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