China Automotive Systems Clocks 7% Revenue Decline In Q4, Bottomline Beats Street View

  • China Automotive Systems Inc CAAS reported a fourth-quarter FY22 sales decline of 7.2% year-on-year to $128.80 million, missing the consensus of $138.46 million.
  • The gross profit margin expanded by 520 basis points Y/Y to 19.4%, and the gross profit increased 26.9% to $25 million.
  • The loss from operations was $(2.6) million compared to an operating income of $0.6 million last year.
  • The company held $171.8 million in cash and equivalents as of December 31, 2022. Cash provided by operating activities for the year totaled $48 million.
  • The company reported an EPS of $0.14, beating the consensus of $0.07.
  • "COVID-related lockdowns and travel restrictions in China resulted in supply chain disruptions and slowed automobile sales growth in 2022," said CEO Qizhou Wu.
  • Outlook: China Automotive Systems sees FY23 revenue of $560 million, below the consensus of $582.64 million.
  • Price Action: CAAS shares closed higher by 8.44% at $6.04 Wednesday.
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