China Automotive Systems Posts Loss In Q3, Net Sales Down 5.4%; Reiterates Revenue Guidance

(RTTNews) - China Automotive Systems, Inc. (CAAS) reported a third quarter net loss attributable to parent company's shareholders of $0.3 million, or loss per share of $0.01, compared to net income of $2.4 million or $0.08 per share, a year ago.

Net sales decreased 5.4% to $108.2 million from $114.4 million, prior year. The company said the decline in net product sales was mainly due to the decline in market demand as a result of the chips shortage and other overall auto market trends.

For the full year 2021, the company reiterated its revenue guidance of $495 million.

"While both the Chinese and North American auto markets are temporarily disrupted due to the shortage of chips, our EPS sales are growing stronger and our South American operations are booming," Qizhou Wu, CEO of CAAS, said.

Shares of China Automotive Systems were down 4% in pre-market trade on Friday.