Why China Automotive Systems Shares Are Shooting Higher Today

Benzinga03-28

China Automotive Systems, Inc (NASDAQ:CAAS) shares are trading higher after the company reported fourth-quarter FY23 sales growth of 23.6% year-on-year to $159.20 million.

The gross profit margin expanded by 240 basis points Y/Y to 21.8%, and the gross profit climbed 38.8% to $34.7 million.

The operating income for the quarter was $13.6 million versus an operating loss of $(2.6) million in the fourth quarter of 2022.

The company held total cash and cash equivalents, pledged cash and short-term investments of $166.3 million at year end.

Net income attributable to the parent company’s common shareholders rose by 153.5% to $10.9 million from $4.3 million last year.

The company reported an EPS of $0.36 compared to $0.14 last year.

“We expect our North America business to recover in 2024 and domestic China market to stabilize. We remain optimistic about our market positions as many of our Chinese OEM customers are preparing for aggressive global expansion,” said CEO Qizhou Wu.

Outlook: China Automotive Systems expects FY24 revenue of $605 million against an estimate of $593.11 million

Price Action: CAAS shares are trading higher by 7.12% at $3.61 in premarket Thursday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2422319156?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-03-28 21:28","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2422319156","market":"us","top_or_hot":-1,"title":"Why China Automotive Systems Shares Are Shooting Higher Today","media":"Benzinga","content":"<html><body><p><strong>China Automotive Systems, Inc </strong>(NASDAQ:CAAS) shares are trading higher after the company reported fourth-quarter FY23 sales growth of 23.6% year-on-year to $159.20 million.</p>\n<p>The gross profit margin expanded by 240 basis points Y/Y to 21.8%, and the gross profit climbed 38.8% to $34.7 million.</p>\n<p>The operating income for the quarter was $13.6 million versus an operating loss of $(2.6) million in the fourth quarter of 2022.</p>\n<p>The company held total cash and cash equivalents, pledged cash and short-term investments of $166.3 million at year end.</p>\n<p>Net income attributable to the parent company’s common shareholders rose by 153.5% to $10.9 million from $4.3 million last year.</p>\n<p>The company reported an EPS of $0.36 compared to $0.14 last year.</p>\n<p>“We expect our North America business to recover in 2024 and domestic China market to stabilize. We remain optimistic about our market positions as many of our Chinese OEM customers are preparing for aggressive global expansion,” said CEO Qizhou Wu.</p>\n<p><strong>Outlook</strong>: China Automotive Systems expects FY24 revenue of $605 million against an estimate of $593.11 million</p>\n<p><strong>Price Action</strong>: CAAS shares are trading higher by 7.12% at $3.61 in premarket Thursday.</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why China Automotive Systems Shares Are Shooting Higher Today</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy China Automotive Systems Shares Are Shooting Higher Today\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-28 21:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/earnings/24/03/37983162/why-china-automotive-systems-shares-are-shooting-higher-today><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>China Automotive Systems, Inc (NASDAQ:CAAS) shares are trading higher after the company reported fourth-quarter FY23 sales growth of 23.6% year-on-year to $159.20 million.\nThe gross profit margin ...</p>\n\n<a href=\"https://www.benzinga.com/news/earnings/24/03/37983162/why-china-automotive-systems-shares-are-shooting-higher-today\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4124","symbol_name":"机动车零配件与设备","start_time":0,"source_url":"https://www.benzinga.com/news/earnings/24/03/37983162/why-china-automotive-systems-shares-are-shooting-higher-today","article_id":"2422319156","we_media_id":"1052270027","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422319156","pubTimestamp":1711632486,"sourceInfo":null,"weMediaInfo":{"media_name":"Benzinga","introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"summary":"China Automotive Systems, posts impressive fourth-quarter FY23 results, with a 23.6% sales surge reaching $159.20 million. Notably, the company witnesses a significant expansion in gross profit margin, up by 240 basis points year-on-year to 21.8%, driving gross profit to $34.7 million. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4124":"机动车零配件与设备","CAAS":"中汽系统"},"translate_title":"中国汽车系统公司股价今日为何上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAAS":0.9},"content_text":"China Automotive Systems, Inc (NASDAQ:CAAS) shares are trading higher after the company reported fourth-quarter FY23 sales growth of 23.6% year-on-year to $159.20 million.\nThe gross profit margin expanded by 240 basis points Y/Y to 21.8%, and the gross profit climbed 38.8% to $34.7 million.\nThe operating income for the quarter was $13.6 million versus an operating loss of $(2.6) million in the fourth quarter of 2022.\nThe company held total cash and cash equivalents, pledged cash and short-term investments of $166.3 million at year end.\nNet income attributable to the parent company’s common shareholders rose by 153.5% to $10.9 million from $4.3 million last year.\nThe company reported an EPS of $0.36 compared to $0.14 last year.\n“We expect our North America business to recover in 2024 and domestic China market to stabilize. We remain optimistic about our market positions as many of our Chinese OEM customers are preparing for aggressive global expansion,” said CEO Qizhou Wu.\nOutlook: China Automotive Systems expects FY24 revenue of $605 million against an estimate of $593.11 million\nPrice Action: CAAS shares are trading higher by 7.12% at $3.61 in premarket Thursday.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422319156"}