China Automotive Systems Q4 Profit Down, Revenues Rise; Sees Higher Revenues In FY25
China Automotive Systems, Inc. (CAAS) reported a decline in Q4 profit, with net income falling to $9.1 million from $10.9 million year-over-year. However, revenues rose by 18.6% to $188.7 million, driven by increased demand for passenger and commercial vehicles. Looking ahead, CAAS projects fiscal 2025 revenues of $700 million, up from $650.9 million in fiscal 2024, indicating expected year-over-year growth.
Vehicle parts supplier China Automotive Systems, Inc. (CAAS), while reporting weak earnings and higher sales in its fourth quarter, on Friday issued fiscal 2025 revenue outlook, expecting year-over-year growth.
For fiscal 2025, the company projects revenues of $700.0 million, higher than the $650.9 million recorded in fiscal 2024.
In its fourth quarter, net income attributable to parent company's common shareholders was $9.1 million or $0.30 per share, compared to $10.9 million or $0.36 per share in 2023.
Net sales increased 18.6 percent to $188.7 million from $159.2 million a year ago.
The net sales increase was mainly due to a change in the product mix and higher demand for passenger automobiles and commercial vehicles in the fourth quarter.
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