Welcome to our dedicated page for China Automotive Sys news (Ticker: CAAS), a resource for investors and traders seeking the latest updates and insights on China Automotive Sys stock.
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 (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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