China Automotive Systems Q2 Profit Rises; Reiterates FY Revenue Guidance

(RTTNews) - China Automotive Systems Inc. (CAAS), a leading power steering components and systems supplier in China, reported that its net income attributable to parent company's common shareholders for the second quarter of 2014 rose to $11.0 million, from $5.0 million in the corresponding quarter of 2013. Earnings per share were $0.39, compared to earnings per share of $0.18 last year.

Quarterly net sales increased by 18.0% to $115.5 million, from $97.9 million in the same quarter of 2013. The net sales increase was mainly due to higher sales of passenger vehicles in China and North America. Sales of certain new products such as mid-level electric power steering units and upgraded legacy products expanded the Company's market share in China.

The company reiterated its revenue guidance of 15% year-over-year growth for the full year 2014. This target is based on the Company's current views on operating and market conditions, which are subject to change.