China Automotive Systems up as demand recovery drives 2021 revenue forecast raise

China Automotive Systems

12/05/2021 14:03

** U.S.-listed shares of Chinese power-steering parts
supplier  CAAS.O  up 5.5% to $4.40 premarket 
    ** Co's Q1 adj. EPS of 10 cents on revenue of $130.34 mln
beats Refinitiv estimates for a profit of 3 cents/shr on rev of
$116.78 mln, driven by increased demand in Chinese OEM passenger
and commercial vehicles and exports to North and South America
    ** Q1 rev from traditional steering products and parts
increases 61.2% to $105.6 mln, while sales of electric power
steering products jumped 204.9% to $24.7 mln; exports rose 30.4%
to $40.7 mln  urn:newsml:reuters.com:*:nPn8Hk5Msa
    ** CAAS also raises FY revenue outlook to $485 mln from $470
mln, also higher than Street expectations
    ** About 24,398 shares of the Jingzhou, Hubei-based company
have traded premarket, ~33.4% of their 30-DMA vol of 72.9
thousand shares - Refinitiv data
    ** As of last close, stock was down 33.2% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))