China Automotive Systems up on preliminary Q2 results
China Automotive Systems Inc. (Nasdaq:CAAS) rose 8% Monday after announcing its preliminary second-quarter earnings. The China-based company said it expects second-quarter revenue to be $52 million, compared with $36 million in same quarter a year ago. Earnings per share are expected to be between $0.18 and $0.22, compared with $0.10 per share a year ago. The company said its profit was due to strong cash flow from operations and renewed contracts with key customers. At midday Monday, shares of China Automotive Systems were at $5.94, about $0.42 or 7.6% over Friday’s close.
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