China Automotive Systems Turns To Profit In Q2; Net Sales Up 45.0%

(RTTNews) - China Automotive Systems, Inc. (CAAS) recorded second-quarter sales growth of 45.0% year-over-year with sales of advanced hydraulic products rising by 43.9% in the Chinese passenger vehicle market, electric power steering product sales grew by 49.7% and sales into North America were up 179.8%. Looking forward, the company increased its revenue guidance for the full year 2021.

Second-quarter net income attributable to parent company's shareholders was $3.2 million, compared to a net loss of $4.1 million, a year ago. Profit per share was $0.10, compared to a net loss per share of $0.13. Net sales increased to $120.6 million from $83.2 million, previous year.

For the full year 2021, the company raised revenue guidance to $495 million from $485 million.