China Automotive Systems, Inc. (NASDAQ:CAAS) reported first-quarter earnings per share of 27 cents, up from 23 cents year over year.
Net sales were $139.4 million, down 2% year over year. Net sales of traditional steering products and parts were $92 million, down from $94.4 million year over year, while those from electric power steering products and parts were $47.4 million, almost flat.
Gross profit increased by 11.6% to $24.1 million. Gross margin expanded to 17.3% from 15.2% in the year-ago period.
Income from operations increased by 26.0% to $9.7 million in the quarter under review.
Cash and equivalents, and short-term investments were $135.8 million as of March-end.
International sales were mixed as sales in Brazil continued its growth trend with a 17.6% year-over-year sales rise. However, North American sales were down by 12.4% year-over-year, mainly due to temporary lower product sales to Stellantis N.V. (NYSE:STLA).
"We continued to invest in our products as research and development ("R&D") expenses remained stable," said Qizhou Wu, chief executive officer of the company.
Outlook: The company has reiterated revenue guidance for the full fiscal year 2024 of $605.0 million versus the $593.11 million estimate.
Price Action: CAAS shares are trading higher by 0.01% to $3.4303 at last check Tuesday.
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