China Automotive Systems (NASDAQ: CAAS) reported Q1 EPS of $0.18, $0.01 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $119.3 million versus the consensus estimate of $118.36 million.

Mr. Qizhou Wu, chief executive officer of CAAS, commented, "We have maintained our sales and earnings during this transition period as we build our electric power steering ("EPS") capabilities. We have added more production capacity and introduced additional models of EPS to position us for stronger growth in the future. Our growing portfolio of advanced steering products will build our sales by providing more solutions to meet our customers' needs."

Mr. Jie Li, chief financial officer of CAAS, commented, "We continue to build our financial strength through strong cost controls, generating positive operational cash flow and improving our cost of invested capital."

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