China Automotive Systems Reports 77.0% Net Sales Increase and Return to Profitability in the First Quarter of 2021
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China Automotive Systems (CAAS) Tops Q1 EPS by 7c, Revenues Beat; Raises FY21 Revenues Guidance Above Consensus
May 12, 2021 6:03 AM EDTChina Automotive Systems (NASDAQ: CAAS) reported Q1 EPS of $0.10, $0.07 better than the analyst estimate of $0.03. Revenue for the quarter came in at $130.3 million versus the consensus estimate of $116.78 million.
First Quarter 2021 Highlights
Net sales rose 77.0% to $130.3 million from $73.6 million in the first quarter of 2020Gross profit increased 75.9% to $19.7 million from $11.2 million in the first quarter of 2020; gross margin was 15.1% compared with 15.2% in the first quarter of 2020Income from operations increased 320.0% to $4.2 million from $1.0 million in the first quarter of 2020Net income attributable to parent company's common shareholders was... More