China Automotive Systems Q2 Profit Down, Revised Revenue Outlook For FY15

(RTTNews) - Power steering components and systems supplier China Automotive Systems, Inc. (CAAS) Thursday announced a second quarter net income available to shareholders of $7.659 million compared to $11. 006 million last year. Earnings per share declined to $0.24 from $0.39 in the prior year.

Net sales decreased to $109.2 million from $115.5 million in the previous year. The company said net sales were impacted by lower sales of domestic vehicles, partially offset by higher sales to North America and sales of electric power steering units in China.

Looking ahead, the company revised its revenue guidance for the full year 2015, to reflect slowdown in China auto market.