China Automotive Systems Boosts Annual Sales Outlook On Solid Q3 Beat

China Automotive Systems Inc CAAS reported third-quarter FY22 sales growth of 26.8% year-on-year to $137.20 million, beating the consensus of $120.56 million.
The gross profit margin contracted by 30 basis points Y/Y to 15.2%, and the gross profit increased 24.4% to $20.9 million.
The operating margin was 3.6%, and the operating income for the quarter was $4.9 million versus $0.6 million last year.
The company held $131.7 million in cash and equivalents as of September 30, 2022. Cash provided by operating activities for nine months totaled $31.7 million.
The company reported an EPS of $0.24, beating the consensus of $0.04.
Outlook: China Automotive Systems raised its FY22 sales outlook to $540 million from $500 million versus the consensus of $515.59 million.
Price Action: CAAS shares are trading higher by 6.22% at $4.2488 on the last check Monday.

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