China Automotive Shares Spike As Q2 Earnings Exceed Expectations

China Automotive Systems Inc CAAS reported second-quarter FY22 sales growth of 5.5% year-on-year to $127.16 million, beating the consensus of $104.39 million.
The gross profit margin expanded by 480 basis points Y/Y to 17.9%, and the gross profit increased 43.7% to $22.7 million.
The operating margin was 5.7%, and operating income for the quarter was $7.2 million versus $0.1 million last year.
The company held $143.8 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for six months totaled $14.5 million.
The company reported EPS of $0.31, beating the consensus of $(0.05).
Outlook: China Automotive sees FY22 sales of $500 million versus the consensus of $492.83 million.
Price Action: CAAS shares are trading higher by 6.21% at $3.18 in premarket on the last check Friday.

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