China Automotive Systems: Q2 Earnings Insights

Shares of China Automotive Systems CAAS moved higher by 12% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share fell 262.50% over the past year to ($0.13), which missed the estimate of ($0.04).

Revenue of $83,184,000 declined by 21.34% year over year, which missed the estimate of $87,030,000.

Guidance

The upcoming fiscal year's revenue expected to be $360,000,000.

Conference Call Details

Date: Aug 14, 2020

Time: 08:00 AM

ET Webcast URL: http://www.caasauto.com/#/ir/events

Recent Stock Performance

52-week high: $4.16

52-week low: $1.43

Price action over last quarter: Up 40.80%

Company Description

China Automotive Systems Inc is a holding company. The firm through its subsidiary is a supplier of power steering systems and components to China automotive industry. Its product offering encompasses a full range of auto parts incorporated into steering systems for both passenger automobiles and commercial vehicles. The company offers four separate series, more than 300 models of power steering including rack and pinion power steering, integral power steering, electronic power steering and manual steering, steering columns, steering oil pumps, and steering hoses. Geographically, it derives a majority of revenue from China.