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China Automotive Systems, Inc. (NASDAQ:CAAS) reported second-quarter FY24 EPS of $0.24, down from $0.35 a year ago.
Net sales increased 15.4% Y/Y to $158.6 million, beating the consensus of $137.41 million.
Net sales of traditional steering products rose 7.5% Y/Y to $103.0 million and Electric Power Steering (EPS) product sales surged 33.7% to $55.6 million in the quarter.
Sales to Henglong’s passenger vehicle steering customers grew 18.9% Y/Y, while sales to Chery Auto rose 28.8% Y/Y on increased demand.
Export sales to North American customers fell to $26.8 million from $28.9 million the prior year due to reduced demand from one client. Meanwhile, sales in Brazil were $12.0 million in the quarter, slightly lower than $12.2 million in the year-ago period.
Gross profit rose 29.0% Y/Y to $29.3 million, with margin improving to 18.5% from 16.5% a year ago, driven by changes in product mix and better cost management.
Income from operations grew 38.7% Y/Y to $10.8 million, mainly due to higher sales and improved margins.
As of June-end, cash and cash equivalents, along with pledged cash, amounted to $148.4 million.
Qizhou Wu, Chief Executive Officer, said, “According to statistics from the China Association of Automobile Manufacturers, overall automobile sales in China increased by 6.1% year-over-year in the first six months of 2024 with passenger car sales up by 6.3% and commercial vehicle sales ahead by 4.9%. Sales of domestic cars rose by 1.4% and Chinese vehicle exports increased by 30.5% for the first six months of 2024.”
Outlook: The company has reiterated revenue guidance for the full fiscal year 2024 of $605.0 million.
“Since our initial listing, we have grown from a small Chinese domestic auto parts company to a large global tier-1 supplier with customers in North America, South America, Europe and Asia. With our diversified customer base and best-in-class product offerings, we look forward to continuing long-term growth in China and the global markets,” said Chief Financial Officer Jie Li.
Price Action: CAAS shares are up 3.17% at $3.900 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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