China Automotive Systems (CAAS) Tops Q1 EPS by 3c
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China Automotive Systems Reports Record First-Quarter Net Sales and 25.6% Increase in Net Income
May 14, 2015 5:00 AM EDTWUHAN, China, May 14, 2015 /PRNewswire/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights
Net sales increased by 8.0% to a first-quarter record of $123.4 million, compared to $114.3 million in the first quarter of 2014. Gross margin was 17.6%, compared to 18.7% in the first quarter of 2014 and 17.7% in the fourth quarter of 2014. Operating margin was 7.6%, compared to 8.5% in the... More