China Automotive Systems Reports 8% Topline Growth In Q2; Reiterates 2023 Revenue Guidance
Portfolio Pulse from Shivani Kumaresan
China Automotive Systems Inc (NASDAQ:CAAS) reported Q2 FY23 sales growth of 8.1% to $137.41 million, missing the analyst consensus of $140.72 million. The gross profit margin compressed to 16.5%, and the gross profit remained flat at $22.7 million. The company reiterated its revenue guidance for the full year 2023 of $560.0 million, below the consensus of $566.7 million. CAAS shares are trading higher by 5.11% at $5.55 in premarket Friday.
August 11, 2023 | 12:23 pm
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China Automotive Systems reported Q2 FY23 sales growth of 8.1%, missing analyst consensus. The company reiterated its 2023 revenue guidance, which is below consensus. Despite this, shares are trading higher.
Despite missing Q2 sales estimates and providing a lower than expected 2023 revenue guidance, the stock is trading higher. This could be due to investors focusing on the company's sales growth and profitability, as well as its strong cash position.
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