China Automotive Systems (NASDAQ: CAAS) reported Q1 EPS of $0.05, $0.03 better than the analyst estimate of $0.02. Revenue for the quarter came in at $109.2 million versus the consensus estimate of $126.56 million.

• Net sales decreased 18.5% to $109.2 million from $134.0 million in the first quarter of 2018
• Net sales of electric power steering (\"EPS\") products were $22.2 million, a 11.2% decrease year-over-year
• Net income attributable to parent company\'s common shareholders was $1.5 million, or diluted earnings per share of $0.05, compared to $4.3 million, or diluted earnings per share of $0.14, in the first quarter of 2018
• Total cash and cash equivalents and pledged cash were $91.7 million

Mr. Qizhou Wu, chief executive officer of CAAS, commented, "Our sales continue to reflect the challenges in the domestic Chinese market. We continue to invest in other advanced steering technologies to broaden our portfolio of steering products to provide a greater range of solutions for our customers."

GUIDANCE:

China Automotive Systems sees FY2019 revenue of $510 million, versus the consensus of $510.1 million.

For earnings history and earnings-related data on China Automotive Systems (CAAS) click here.