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China Automotive Systems, Inc. (NASDAQ: CAAS), based in Jingzhou, China, is a leading supplier of power steering systems and components to the Chinese automotive industry. Through its subsidiaries, CAAS provides a comprehensive range of auto parts used in steering systems for both passenger cars and commercial vehicles. The company offers over 310 models of power steering systems, including rack and pinion power steering, integral power steering, electronic power steering, and manual steering, along with steering columns, oil pumps, and hoses.
CAAS operates through eight Sino-foreign joint ventures and has a significant market presence with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses. The company's key customers include major automotive manufacturers such as China FAW Group Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Co., Ltd., Beiqi Foton Motor Co., Ltd., and Chery Automobile Co., Ltd. in China, as well as Stellantis N.V. and Ford Motor Company in North America.
In recent financial results, CAAS reported substantial revenue growth with net sales reaching $576.4 million in 2023, up by 8.8% from 2022. This growth was driven by a 24.6% increase in sales of electric power steering (EPS) products, which now constitute 33.8% of total net sales. The company also observed a 22.9% rise in sales in Brazil, balancing the 8.5% decline in North American sales. CAAS maintained a strong financial position with cash, cash equivalents, and pledged cash totaling $135.8 million as of March 31, 2024.
CAAS continues to invest in research and development, focusing on enhancing both traditional steering products and its EPS portfolio. The company is also advancing its capabilities in Advanced Driver Assistance Systems (ADAS) through collaborations with partners like Sentient AB. Despite market fluctuations, CAAS remains optimistic about future growth in both domestic and international markets, setting a revenue guidance target of $605 million for 2024.
For more information, please visit: http://www.caasauto.com.
China Automotive Systems (CAAS) announced a share repurchase program of up to $5 million of its outstanding common shares over the next 12 months, with a price cap of $5.50 per share through November 15, 2025. For the first nine months of 2024, CAAS reported net sales of $462.2 million and net income of $20.9 million. The company's EPS sales grew by 43.5%, accounting for almost 40% of total sales. As of September 30, 2024, CAAS had total cash and equivalents of $138.8 million ($4.60 per share), with total stockholders' equity at $388.6 million and operating cash flow of $16.5 million.
China Automotive Systems (CAAS) reported strong Q3 2024 financial results with net sales increasing 19.4% year-over-year to $164.2 million. The growth was primarily driven by a 43.5% increase in Electric Power Steering (EPS) products sales, which now represent almost 40% of total sales. Net income attributable to shareholders was $5.5 million, or $0.18 per diluted share. For the first nine months of 2024, net sales grew 10.8% to $462.2 million, with net income of $20.9 million. The company maintains a strong balance sheet with $138.8 million in cash and equivalents, and has raised its full-year 2024 revenue guidance to $630.0 million.
China Automotive Systems (CAAS), a leading power steering components supplier in China, will release its unaudited financial results for the third quarter ended September 30, 2024, on November 13, 2024, before market opening. Management will host a conference call at 8:00 A.M. EST/9:00 P.M. Beijing Time on the same day to discuss the results, followed by a Q&A session. The call will be accessible via multiple phone numbers, and a replay will be available on the company's website.
China Automotive Systems (CAAS), a leading power steering components supplier in China, has announced its Annual Meeting of Stockholders for September 24, 2024. The meeting will be held at 9:00 AM local time in Wuhan, China, corresponding to 9:00 PM EDT on September 23, 2024. CAAS has also set up a conference room in Troy, Michigan, for shareholders to participate via WebEx.
Shareholders can access the meeting by dialing 1-408-792-6300 (U.S./Canada) with pin number 2633 219 5333. A live webcast will be available through a provided link. This announcement ensures shareholders have multiple options to participate in the annual meeting, demonstrating CAAS's commitment to shareholder engagement and transparency.
China Automotive Systems (NASDAQ: CAAS) reported strong financial results for Q2 2024. Net sales rose 15.4% year-over-year to $158.6 million, driven by a 33.7% increase in Electric Power Steering (EPS) product sales. Gross profit increased by 29.0% to $29.3 million, with gross margin improving to 18.5%. Income from operations grew 38.7% to $10.8 million. The company declared a special cash dividend of $0.80 per share.
For the first six months of 2024, net sales grew 6.6% to $298.0 million, with gross profit up 20.4% to $53.4 million. CAAS maintained a strong balance sheet with $148.4 million in cash and cash equivalents. The company reiterated its full-year 2024 revenue guidance of $605.0 million.
China Automotive Systems (Nasdaq: CAAS), a leading power steering components and systems supplier in China, has announced that it will release its unaudited financial results for the second quarter ended June 30, 2024, on Tuesday, August 13, 2024, before the market opens. The company will conduct a conference call on the same day at 7:00 A.M. EDT/7:00 P.M. Beijing Time to discuss these results.
Management will present the results, followed by a question and answer session. Interested parties can participate by calling the provided numbers 10 minutes before the call start time and asking to be connected to the "China Automotive Systems" conference call with pin 748049. A replay of the call will be available on the company's website in the investor relations section.
China Automotive Systems (CAAS) has announced a special cash dividend of $0.80 per common share, payable on August 22, 2024, to shareholders of record as of July 30, 2024. This $25 million dividend marks the company's 20th anniversary on NASDAQ. Since its 2004 listing, CAAS has grown from a small Chinese player to a global tier 1 supplier, with sales increasing by 875% to $576.4 million in 2023. Net income grew 446% to $37.7 million. CAAS has become a leading steering products supplier in China, serving major OEMs like BYD, Geely, and Stellantis globally. The company's growth and dividend reflect its confidence in sustainable future growth and strategic positioning in the evolving auto industry.
China Automotive Systems (NASDAQ: CAAS) reported a 17.4% increase in diluted earnings per share to $0.27 for Q1 2024, compared to $0.23 in Q1 2023. Net sales slightly decreased by 2.0% to $139.4 million. Gross profit rose by 11.6% to $24.1 million with a gross margin of 17.3%. Income from operations surged by 26.0% to $9.7 million, and net income attributable to shareholders increased to $8.3 million from $6.8 million in Q1 2023. Cash flow from operating activities improved significantly to $10.5 million. Despite a 12.4% drop in North American sales, Brazilian sales grew by 17.6%. R&D expenses decreased by 17.2%, while selling and G&A expenses increased. The company maintains its revenue guidance of $605.0 million for the full fiscal year 2024.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for the first quarter of 2024 on May 14, 2024. The company is a prominent supplier of power steering components and systems in China. An earnings call will be held on the same day to discuss the results, followed by a Q&A session. Investors can access the call through provided phone numbers, with a replay available on the company's website.
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