China Automotive Systems Q4 Profit Down, Beats Estimates; Sees Higher Revenues In FY23 - Update

(RTTNews) - (Adds outlook)

China Automotive Systems Inc. (CAAS) released earnings for fourth quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $4.3 million, or $0.14 per share. This compares with $5.0 million, or $0.16 per share, in last year's fourth quarter.

Analysts on average had expected the company to earn $0.07 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 7.2% to $128.8 million from $138.8 million last year.

China Automotive Systems Inc earnings at a glance (GAAP) :

-Earnings (Q4): $4.3 Mln. vs. $5.0 Mln. last year. -EPS (Q4): $0.14 vs. $0.16 last year. -Analyst Estimates: $0.07 -Revenue (Q4): $128.8 Mln vs. $138.8 Mln last year. Outlook

For the fiscal year 2023, the company projects revenues of $560.0 million, higher than $529.6 million in 2022.

Qizhou Wu, Chief Executive Officer of CAAS said, "We are cautiously optimistic that recent government policy changes in 2023, which greatly removed COVID-19 lockdowns and travel restrictions, will be a catalyst to boost the business environment in China."