- China Automotive Systems, Inc. (NASDAQ:CAAS) reported a first-quarter FY23 sales growth of 4.3% year-on-year to $142.24 million, missing the consensus of $142.67 million.
- Headquartered in Jingzhou, the automotive company reported an EPS of $0.23, beating the analyst consensus of $0.12.
- Higher margins, cost control initiatives, an increase in average selling price, a favorable product mix, and lower unit costs bolstered quarterly earnings.
- Gross profit increased by 46.9% to $21.6 million with a gross margin of 15.2%, expanding 440 basis points Y/Y.
- Income from operations was $7.7 million compared with a loss from operations of $(1.5) million.
- As of quarter-end, the company held $164.3 million in cash and equivalents.
- "Our electric power steering ("EPS") products continue to gain market share, and our traditional hydraulic steering products' market share grew as well. In addition to a better product mix, our margins benefitted from stricter cost controls in the first quarter of 2023," said CEO Qizhou Wu.
- Outlook: China Automotive Systems reiterated its FY23 guidance. The company sees revenue of $560 million, below the consensus of $566.7 million.
- Price Action: CAAS shares are trading higher by 3.19% at $4.85 on the last check Friday.
China Automotive Systems Q1 EPS Exceed Expectations On Higher Margins, Strict Cost Control
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Risk Disclaimer
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Got it
Risk Disclaimer
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Got it
Write a comment
0 0 0
LikeLoveLaughing CryRespectEmmSadAngry
Tap to Select a Mood
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
Use the share button in your browser
to share the page with your friends
Tap here to share
No comments yet. Write one.