What's Going On With China Automotive Stock After Posting Lower Product Sales To Stellantis In Q1?

Benzinga05-15

China Automotive Systems, Inc. (NASDAQ:CAAS) reported first-quarter earnings per share of 27 cents, up from 23 cents year over year.

Net sales were $139.4 million, down 2% year over year. Net sales of traditional steering products and parts were $92 million, down from $94.4 million year over year, while those from electric power steering products and parts were $47.4 million, almost flat.

Gross profit increased by 11.6% to $24.1 million. Gross margin expanded to 17.3% from 15.2% in the year-ago period.

Income from operations increased by 26.0% to $9.7 million in the quarter under review.

Cash and equivalents, and short-term investments were $135.8 million as of March-end.

International sales were mixed as sales in Brazil continued its growth trend with a 17.6% year-over-year sales rise. However, North American sales were down by 12.4% year-over-year, mainly due to temporary lower product sales to Stellantis N.V. (NYSE:STLA).

“We continued to invest in our products as research and development (“R&D”) expenses remained stable,” said Qizhou Wu, chief executive officer of the company.

Outlook: The company has reiterated revenue guidance for the full fiscal year 2024 of $605.0 million versus the $593.11 million estimate.

Price Action: CAAS shares are trading higher by 0.01% to $3.4303 at last check Tuesday.

Photo by Shuttershock

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/2435545389?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-05-15 00:29","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2435545389","market":"hk","top_or_hot":-1,"title":"What's Going On With China Automotive Stock After Posting Lower Product Sales To Stellantis In Q1?","media":"Benzinga","content":"<html><body><p><strong>China Automotive Systems, Inc. </strong>(NASDAQ:CAAS) reported first-quarter earnings per share of 27 cents, up from 23 cents year over year.</p>\n<p>Net sales were $139.4 million, down 2% year over year. Net sales of traditional steering products and parts were $92 million, down from $94.4 million year over year, while those from electric power steering products and parts were $47.4 million, almost flat.</p>\n<p>Gross profit increased by 11.6% to $24.1 million. Gross margin expanded to 17.3% from 15.2% in the year-ago period.</p>\n<p>Income from operations increased by 26.0% to $9.7 million in the quarter under review.</p>\n<p>Cash and equivalents, and short-term investments were $135.8 million as of March-end.</p>\n<p>International sales were mixed as sales in Brazil continued its growth trend with a 17.6% year-over-year sales rise. However, North American sales were down by 12.4% year-over-year, mainly due to temporary lower product sales to <strong>Stellantis N.V.</strong> (NYSE:STLA).</p>\n<p>“We continued to invest in our products as research and development (“R&amp;D”) expenses remained stable,” said Qizhou Wu, chief executive officer of the company. </p>\n<p><strong>Outlook: </strong>The company has reiterated revenue guidance for the full fiscal year 2024 of $605.0 million versus the $593.11 million estimate.</p>\n<p><strong>Price Action: </strong>CAAS shares are trading higher by 0.01% to $3.4303 at last check Tuesday. </p>\n<p><em>Photo by Shuttershock</em></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>What's Going On With China Automotive Stock After Posting Lower Product Sales To Stellantis In Q1?</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\">\nWhat's Going On With China Automotive Stock After Posting Lower Product Sales To Stellantis In Q1?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-15 00:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/earnings/24/05/38822629/whats-going-on-with-china-automotive-stock-after-posting-lower-product-sales-to-stellantis-in-q1><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>China Automotive Systems, Inc. (NASDAQ:CAAS) reported first-quarter earnings per share of 27 cents, up from 23 cents year over year.\nNet sales were $139.4 million, down 2% year over year. Net sales of...</p>\n\n<a href=\"https://www.benzinga.com/news/earnings/24/05/38822629/whats-going-on-with-china-automotive-stock-after-posting-lower-product-sales-to-stellantis-in-q1\">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":"STLA","symbol_name":"Stellantis NV","start_time":0,"source_url":"https://www.benzinga.com/news/earnings/24/05/38822629/whats-going-on-with-china-automotive-stock-after-posting-lower-product-sales-to-stellantis-in-q1","article_id":"2435545389","we_media_id":"1052270027","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2435545389","pubTimestamp":1715704144,"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 reports Q1 earnings rise, despite a slight dip in net sales, attributed partly to lower product sales to Stellantis, while maintaining revenue guidance for FY 2024.","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"STLA":"Stellantis NV","CAAS":"中汽系统"},"translate_title":"在Q1向Stellantis公布产品销量下降后，中国汽车股票的情况如何？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STLA":1,"CAAS":0.9},"content_text":"China Automotive Systems, Inc. (NASDAQ:CAAS) reported first-quarter earnings per share of 27 cents, up from 23 cents year over year.\nNet sales were $139.4 million, down 2% year over year. Net sales of traditional steering products and parts were $92 million, down from $94.4 million year over year, while those from electric power steering products and parts were $47.4 million, almost flat.\nGross profit increased by 11.6% to $24.1 million. Gross margin expanded to 17.3% from 15.2% in the year-ago period.\nIncome from operations increased by 26.0% to $9.7 million in the quarter under review.\nCash and equivalents, and short-term investments were $135.8 million as of March-end.\nInternational sales were mixed as sales in Brazil continued its growth trend with a 17.6% year-over-year sales rise. However, North American sales were down by 12.4% year-over-year, mainly due to temporary lower product sales to Stellantis N.V. (NYSE:STLA).\n“We continued to invest in our products as research and development (“R&D”) expenses remained stable,” said Qizhou Wu, chief executive officer of the company. \nOutlook: The company has reiterated revenue guidance for the full fiscal year 2024 of $605.0 million versus the $593.11 million estimate.\nPrice Action: CAAS shares are trading higher by 0.01% to $3.4303 at last check Tuesday. \nPhoto by Shuttershock","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/2435545389"}