China Automotive Systems said third quarter sales increased 25.2% to $118.4m, compared to $94.6m in the same quarter of 2016. This increase was mainly due to higher volumes of traditional steering products to autos and heavy-duty vehicles in China. Also, new products drove higher sales to the company’s North American customers.
Gross profit was $22.5m in the third quarter of 2017, compared to $20.0m in the third quarter of 2016. The gross margin was 19.0% in the third quarter of 2017, versus 21.1% in the third quarter of 2016. The margin decline was primarily related to changes in the product mix as some higher-margin products experienced slower growth during the third quarter.
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Net income was $1.0m in the third quarter of 2017 compared to $0.8m in Q3 2016.
Income from operations was $4.9m compared to $5.7m due mainly to lower gross margin and higher operating expenses.
Sales for the first nine months of 2017 were $355.3m, compared to $312.5m in the first nine months of 2016. Nine-month gross profit was $68.2m compared to $59.1m. Nine month gross margin was 19.2%, compared to 18.9%. Income from operations was $23.2m compared to $18m. Operating margin was 6.5%, compared to 5.8%.
Net income $19.7m compared with $16.8m.
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