China Automotive Systems Reports Mixed Q1 Earnings; Cuts FY22 Guidance

China Automotive Systems Inc CAAS reported first-quarter FY22 sales growth of 4.7% year-on-year to $136.4 million, beating the analyst consensus of $126.27 million.
The gross profit margin contracted by 430 basis points Y/Y to 10.8%, and the gross profit declined 25% to $14.7 million.
The operating loss for the quarter was $(1.5) million compared to an operating income of $4.2 million a year ago.
The company held $109.4 million in cash and equivalents as of March 31, 2022.
EPS of $0.00 missed the consensus of $0.07.
"The temporary COVID-19 lockdowns in China have created a challenging environment in the near term," said CEO Qizhou Wu.
Outlook: China Automotive has cut FY22 sales guidance to $490 million from $510 million (consensus $509.45 million), citing the economic impact of COVID-19 and foreign exchange volatility.
Price Action: CAAS shares are trading lower by 0.69% at $2.88 in premarket on Monday's last check.

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