China Automotive Systems Sees Higher Revenues In FY21

China Automotive Systems Inc (CAAS), while announcing fourth-quarter results, on Tuesday said it expects fiscal 2021 revenues of $470 million, based on its current views on operating and market conditions.

In fiscal 2020, the supplier of power steering components and systems generated net sales of $417.6 million, down 3.2 percent from last year.

In the fourth quarter, net loss attributable to parent company's shareholders was $3.2 million, compared to last year's income of $1.7 million. Loss from operations widened to $4.0 million from loss of $1.9 million a year ago on higher expenses.

However, gross profit rose 35.7 percent from last year to $22.8 million and net sales increased 26.4 percent to $146.5 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Trade Commission or FTC, has sued Walmart for allowing its money transfer services to be used by fraudsters, who fleeced consumers out of hundreds of millions of dollars. The retail giant is alleged to have looked the other way to pocket millions in fees while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. Home improvement retailer Bed Bath & Beyond, Inc. (BBBY) reported on Wednesday a net loss for first quarter that sharply widened from last year, hurt by hefty transient costs related to inventory markdown reserves and port-related supply chain fees. Both adjusted loss per share and net sales missed analysts' expectations. Tesla Inc. laid off about 200 employees in its Autopilot unit as the luxury electric car maker closed down its office in San Mateo, California as part of cost cutting efforts, reports said. The San Mateo office, where employees worked on improving the driver assistance systems, marketed as Autopilot, had about 350 employees before the cut.
Follow RTT