China Automotive Systems (NASDAQ: CAAS) reported Q3 EPS of $0.01, versus $0.00 reported last year. Revenue for the quarter came in at $112.1 million versus the consensus estimate of $118.29 million.

Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, "Sales of our traditional hydraulic products continued to anchor our sales in the Chinese automotive market in the third quarter of 2018. Our advanced hydraulic steering products remain the primary sales driver to Chrysler and Ford for use in the North American markets with sales rising by 22.2% in the third quarter of 2018 compared to the same quarter last year. Sales of our steering columns also grew to help offset softness in the Chinese passenger vehicle and heavy-duty truck markets."

"We continue to be optimistic about our electric power steering ("EPS") business as our new joint venture, Hubei Henglong KYB Automobile Electric Steering System Co., Ltd., with KYB (China) Investment Co., Ltd., will receive all the EPS business in China from both joint venture partners. Our new joint venture will enhance EPS research and development and production capabilities at CAAS\'s compound in Jingzhou City."

Mr. Jie Li, the Chief Financial Officer of CAAS, commented, "We continue to focus on our financial strength and cash flow from operations to invest in new products and increase our market penetration."

GUIDANCE:

China Automotive Systems sees FY2018 revenue of $510-520 million, versus the consensus of $518.86 million.

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