China Automotive Systems Reduces Revenue Guidance - Quick Facts

(RTTNews) - China Automotive Systems, Inc. (CAAS) announced it reduced revenue guidance for the full year 2018 to $510 million from $520.0 million. The company said the target is based on the current views on operating and market conditions, which are subject to change.

In the third quarter of 2018, net sales were $112.1 million compared to $118.4 million in the same quarter of 2017. The company said the decrease in net product sales was mainly due to a change in the product mix and lower domestic sales volume due to softer demand in the Chinese domestic brand automobile market. Diluted earnings per share were $0.01 in the third quarter of 2018, compared to diluted earnings per share of $0.16 in the third quarter of 2017.