China Automotive Systems Beats Estimates (CAAS)

China Automotive Systems, Inc.

announced on Tuesday morning that it beat consensus Wall Street estimates. China Automotive Systems, Inc reported that its 3rd quarter net income fell to $10.5 million, or 26 cents per share, down from $10.6 million, or 28 cents per share, a year earlier. Revenue climbed 17.7% to $76.1 million, up from $64.65 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 23 cents per share, on revenue of $75.68 million. Chief Executive Officer Qizhou Wu said, "We are very pleased with the strong sales results posted for the 2010 third quarter, as the summer season is our slowest sales period compared to other quarters. We continue to operate at a high capacity utilization rate and have invested over $24 million in the first nine months of 2010 to make sure we can meet future demand, especially for our new, more advanced products." China Automotive Systems, Inc. (

) closed the previous trading day at $17.48 per share. Analysts covering the company's stock give it a consensus price target of $21.71 per share. Read more