China Automotive Systems (CAAS) Misses Q4 EPS by 11c, Revenues Beat; Offers FY21 Revenue Outlook Below Consensus
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China Automotive Systems Reports Fourth Quarter and Fiscal Year 2020 Results
March 30, 2021 6:00 AM EDTWUHAN, China, March 30, 2021 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2020.
Fourth Quarter 2020 Highlights
Net sales rose 26.4% to $146.5 million from $115.9 million in the fourth quarter of 2019 Gross profit increased 35.7% to $22.8 million from $16.8 million in the fourth quarter of 2019; gross margin increased to 15.6% compared with 14.5% in the fourth quarter of 2019... More