China Automotive Systems Swings To Profit In Q4

China Automotive Systems, Inc. (CAAS) announced Wednesday that net income attributable to parent company's common shareholders for the fourth quarter was $5.0 million or $0.16 per share, compared to a net loss of $3.2 million or $0.10 per share in the prior-year quarter.

Net sales for the quarter declined 5.3 percent to $138.8 million from $146.5 million in the same quarter last year, mainly due to a change in the product mix and lower demand for automobiles.

Looking ahead to fiscal 2022, the company projects revenues of $510 million, based on the Company's current views on operating and market conditions, which are subject to change.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Covid vaccine makers Pfizer Inc. and BioNTech SE announced a new $3.2 billion vaccine supply deal with the U.S. Government, as the country is bracing for a Covid outbreak this fall. Under the deal, the U.S. government will receive 105 million doses (30 µg, 10 µg and 3 µg) of Pfizer -BioNTech covid vaccines initially. The order may include adult Omicron-adapted COVID-19 vaccines. Samsung Electronics Co. has started the initial mass production of 3-nanometer or nm chips, which is considered as the most advanced chip in the world. In its move, the South Korean tech major beats rival Taiwan Semiconductor Manufacturing Co., the world's largest chip manufacturer, which is reportedly in the process to build one. Bryant Ranch Prepack Inc. is recalling certain Morphine Sulfate Extended-Release Tablets citing incorrect labeling, the U.S. Food and Drug Administration said. The recall involves one lot of Morphine Sulfate 30 mg Extended-Release tablets, and one lot of Morphine Sulfate 60 mg Extended-Release tablets to the consumer level.
Follow RTT