China Automotive Systems Reports Fourth Quarter and Fiscal Year 2020 Results
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China Automotive Systems (CAAS) Misses Q4 EPS by 11c, Revenues Beat; Offers FY21 Revenue Outlook Below Consensus
March 30, 2021 6:03 AM EDTChina Automotive Systems (NASDAQ: CAAS) reported Q4 EPS of ($0.10), $0.11 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $146.5 million versus the consensus estimate of $115.91 million.
Fourth Quarter 2020 Highlights
Net sales rose 26.4% to $146.5 million from $115.9 million in the fourth quarter of 2019Gross profit increased 35.7% to $22.8 million from $16.8 million in the fourth quarter of 2019; gross margin increased to 15.6% compared with 14.5% in the fourth quarter of 2019An increase in general and administrative expenses was primarily due to a one-time, non-recurring $6.4 million expected credit loss provision related to the bankruptcy and... More