China Automotive Systems, the power steering components and systems supplier, said Q1 sales were down 2% to US$139.4m, gross profit increased 11.6% to $24.1m with a gross margin of 17.3% (versus 15.2% a year ago) and operating income increased 26% to $9.7m.

Income per share increased 17.4% to $0.27.

CEO Qizhou Wu said: “We remain confident in our sales growth in 2024, despite a slight decline in the 2024 first quarter. Our electric power steering (EPS) sales percentage remained consistent around 34% of total sales in the first quarter of 2024.

“International sales were mixed as sales in Brazil continued its growth trend with a 17.6% year over year sales rise, and North American sales were down by 12.4% year over year mainly due to temporary lower product sales to Stellantis in the first quarter.”

Management reiterated revenue guidance for the full fiscal year 2024 of $605m.

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