China Automotive Systems Inc. (CAAS) Stock Jumps on Earnings News
China Automotive Systems Inc., which supplies power steering parts and systems, said Monday its second-quarter profit more than tripled on strong product sales.
Net income soared to $2.5 million, or 10 cents per share, compared with $751,636, or 3 cents per share, in the previous year.
Revenue for the quarter rose 47 percent to $36.3 million versus $24.8 million in the prior year.
Sales from steering components for passenger and light-duty vehicles increased 45 percent to $22.8 million, while sales from steering components for commercial vehicles leaped 64 percent to $9.9 million.
Net income soared to $2.5 million, or 10 cents per share, compared with $751,636, or 3 cents per share, in the previous year.
Revenue for the quarter rose 47 percent to $36.3 million versus $24.8 million in the prior year.
Sales from steering components for passenger and light-duty vehicles increased 45 percent to $22.8 million, while sales from steering components for commercial vehicles leaped 64 percent to $9.9 million.
Labels: CAAS, China Automotive Systems Inc.
posted by Stock Administrator @ 10:09 AM
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