China Automotive Systems Slips To Loss In Q1, Net Sales Rise; Cuts FY22 Revenue View

China Automotive Systems, Inc. (CAAS), a power steering components and systems supplier, reported Monday that its first-quarter net loss attributable to parent company's common shareholders was $0.06 million, or loss per share of nil, compared to prior year's net income of $3.2 million, or $0.10 per share.

Net sales increased 4.7 percent to $136.4 million from $130.3 million in the first quarter of 2021. The net sales increase was mainly due to the recovery of the Chinese economy post-COVID-19 and higher demand for passenger vehicles.

Chinese passenger vehicle sales increased 9 percent, but commercial vehicle sales declined by 31.7 percent, according to statistics from the China Association of Automobile Manufacturers."

Looking ahead for fiscal 2022, the company has reduced revenue guidance to $490 million from $510 million due to the economic impact of COVID-19 and foreign exchange volatility.

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