logo
  

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

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Cryptocurrency Dogecoin's price jumped over 15% on Friday, but later lost some of the gains, after Tesla Inc. (TSLA) CEO Elon Musk announced that the luxury car maker will start accepting the meme cryptocurrency as payment for its merchandise. "Tesla merch buyable with Dogecoin," Musk tweeted on Friday. Dogecoin... US investment bank JPMorgan Chase & Co. reported Friday a profit for the fourth quarter that declined 14 percent from last year, hurt primarily by higher noninterest expense and lower credit reserve releases. Both adjusted earnings per share and revenues for the quarter topped analysts' expectations. Microsoft Corp. said its Board of Directors has initiated a review of the effectiveness of its workplace sexual harassment and gender discrimination policies and practices. The company has hired the law firm of Arent Fox to conduct the review mainly on sexual harassment investigations, including that of co-founder Bill Gates.
RELATED NEWS
Follow RTT