China Automotive Systems, Inc. (CAAS) has disclosed a significant growth in its net income for the fourth quarter, increasing by 153.5% to $10.9 million, equivalent to a net income per share of $0.36. This significant increase was compared to the previous year's fourth-quarter net income of $4.3 million or a net income per share of $0.14.
In terms of net sales, there was a year-over-year increase of 23.6%, accumulating to a total of $159.2 million. The company points out that this increase in net sales was primarily attributable to a shift in their product mix, combined with an increased demand for passenger vehicles and commercial automobiles during the fourth quarter of 2023 when compared against the same period in 2022.
Looking ahead, China Automotive Systems is projecting a revenue of $605.0 million for the fiscal year of 2024. At the close of 2023 on December 31st, the company reported a total of $166.3 million in cash and cash equivalents, pledged cash, and short-term investments.
In terms of stock performance, shares of China Automotive Systems have witnessed an 8% increase in pre-market trading as of Thursday.
