China Automotive Systems Boosts FY21 Revenue Guidance - Quick Facts

While reporting financial results for the first quarter on Wednesday, vehicle parts supplier China Automotive Systems, Inc. (CAAS) raised its revenue guidance for the full-year 2021 to $485 million from the prior guidance of $470 million, based on the company's current views on operating and market conditions, which are subject to change.

For the first quarter, the company reported net income attributable to parent company's common shareholders of $3.21 million or $0.10 per share, compared to a net loss of $28,000 or flat per share in the prior-year quarter. Net sales surged 77.0 percent to $130.34 million from $73.56 million in the same quarter last year.

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