China Automotive Systems Reports Third Quarter 2015 Results

Management reiterates revenue guidance for the full year 2015 to be even with 2014.

China Automotive Systems, Inc., a supplier of power steering components and systems, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2015. Net sales for the 3rd quarter were $90.8 million, compared to $101.7 million in the third quarter of 2014 with gross margin at 17.5%. Net income attributable to parent company's common shareholders was $4.3 million, or diluted earnings per share of $0.13, compared to net income attributable to parent company's common shareholders of $6.7 million, or diluted earnings per share of $0.24 in the third quarter of 2014. For the first Nine Months of 2015, net sales were $323.5 million, compared to $331.5 million in the first nine months of 2014 with gross margin at 18.4% and operating margin at 7.0%. Net cash flow from operating activities was $24.1 million, compared to $8.1 million for the first nine months of 2014.