China Auto Systems (CAAS) Earnings Transcript
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China Auto Systems (CAAS) reported a 19.4% year-over-year increase in net sales, driven by expansion in both traditional and electric power steering products. The company's gross profit increased by 6.5% year over year, but gross margin fell to 16% due to a change in product mix.
China Auto Systems (CAAS) announced its earnings for the quarter. Net sales were $164.2 million, up 19.4% year over year. Electric Power Steering (EPS) product sales grew 43.5% year over year to $65.6 million. Traditional steering products sales increased by 7.4% year over year to $98.6 million. Gross profit was $26.4 million, a 6.5% increase year over year. Operating income was $11.1 million, nearly 10% higher than the same quarter last year. The company's revenue guidance for 2024 has been raised to $630 million from $605 million.
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