China Automotive Systems Inc CAAS reported second-quarter FY23 sales growth of 8.1% year-on-year to $137.41 million, missing the analyst consensus of $140.72 million.
The gross profit margin compressed by 140 basis points Y/Y to 16.5%, and the gross profit remained flat at $22.7 million.
The operating income for the quarter was $7.8 million, with an operating margin of 6%.
The company held $125.54 million in cash and equivalents as of June 30, 2023.
The company reported an EPS of $0.35, compared to $0.31 last year.
Outlook: China Automotive Systems reiterated its revenue guidance for the full year 2023 of $560.0 million, below the consensus of $566.7 million.
Price Action: CAAS shares are trading higher by 5.11% at $5.55 in premarket Friday.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
