China Automotive Systems, the power steering components and systems supplier, said second quarter 2024 sales rose 15.4% year over year to US$158.6m.

Gross margin increased to 18.5% from 16.5%.

Income from operations increased 38.7% to $10.8m and net income was $7.1m or $0.24 per share.

First half sales grew 6.6% to $298m, gross margin increased to 17.9% from 15.9% , income from operations rose 31.7% to $20.5m and net income was $15.4m and $0.51 a share.

Qizhou Wu, CEO, said: "We are pleased to report strong top line growth and accelerating margin expansion. Sales growth was led by an increase of 33.7% in sales of electric power steering products in the second quarter which now accounts for one third of our total sales.

"Based on our recent financial performance, current financial condition, expected cash requirements and future free cash flow generation, we rewarded our shareholders with a special cash dividend of $0.80 per share."

The supplier has reiterated its revenue guidance for full year 2024 of $605m.