China Automotive Systems, Inc. Q2 results beat the Street
Shares of China Automotive Systems, Inc. (Nasdaq: CAAS) got a boost this morning in pre-market trading after the Chinese supplier of power steering components and systems reported robust second quarter results above the Street and up from year-ago levels.
For the three months ended June 30, China Automotive recorded net income of $2.5 million, or $0.10 per fully diluted share, while an analyst polled by Thomson Financial was expecting earnings of $0.05 per share. The current quarter’s bottom line compares with last year’s net income of $0.8 million, or $0.03 per fully diluted share.
China Automotive booked net sales of $36.3 million for the second quarter above the anticipated revenue of $32.67 million the Street was expecting. Revenue for the quarter also increased from a level of $24.7 million in the second quarter of 2006.
Shares of China Automotive jumped 20.43%, or $1.42, to $8.37 in pre-market trading.
