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May 11, 2017

Steering specialist sees Q1 improvement

Power steering systems supplier China Automotive Systems booked sales and margin improvements in the first quarter ended 31 March, 2017.

Power steering systems supplier China Automotive Systems booked sales and margin improvements in the first quarter ended 31 March, 2017.

Net sales were $119.3m, versus $116.9m in Q1 2016, a 2.1% year on year growth. The increase was mainly due to increased volume.   

Gross profit was $21.6m in the first quarter of 2017, compared to $21.0m. Gross margin was 18.1% versus 18.0%.

Income from operations was $7.2m compared to $7.1m.

Qizhou Wu, CEO of CAAS, said: "We have maintained our sales and earnings during this transition period as we build our electric power steering (EPS) capabilities.  We have added more production capacity and introduced additional models of EPS to position us for stronger growth in the future. Our growing portfolio of advanced steering products will build our sales by providing more solutions to meet our customers' needs."

The supplier reiterated its revenue guidance for full year 2017 of US$485m based on the company's current views on operating and market conditions.

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