China Automotive Systems Reports 2020 First Quarter Results
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China Automotive Systems (CAAS) Tops Q1 EPS by 14c, Revenues Beat
June 23, 2020 6:03 AM EDTChina Automotive Systems (NASDAQ: CAAS) reported Q1 EPS of $0.05, $0.14 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $73.6 million versus the consensus estimate of $55.5 million.
First Quarter 2020 Highlights
Net sales decreased 32.6% to $73.6 million from $109.2 million in the first quarter of 2019 primarily due to the impact of the COVID-19 pandemic lockdown in China
Net sales of electric power steering ("EPS") products declined 63.5% to $8.1 million from $22.2 million in the first quarter of 2019
Net product sales to Fiat Chrysler and Ford in North America were $28.1 million consistent with the same quarter last... More
