China Automotive Systems (CAAS) Tops Q1 EPS by 7c, Revenues Beat; Raises FY21 Revenues Guidance Above Consensus
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China Automotive Systems Reports 77.0% Net Sales Increase and Return to Profitability in the First Quarter of 2021
May 12, 2021 6:00 AM EDTWUHAN, China, May 12, 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 first quarter ended March 31, 2021.
First Quarter 2021 Highlights
Net sales rose 77.0% to $130.3 million from $73.6 million in the first quarter of 2020 Gross 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 2020 Income from operations increased 320.0% to $4.2 million from $1.0 million... More