China automotive systems reports 17.4% increase in earnings per share in the first quarter of 2024

Wuhan, china , may 14, 2024 /prnewswire/ -- china automotive systems, inc. (nasdaq: caas) ("caas" or the "company"), a leading power steering components and systems supplier in china, today announced its unaudited financial results for the first quarter ended march 31, 2024. first quarter 2024 highlights net sales were $139.4 million gross profit increased by 11.6% to $24.1 million with a gross margin of 17.3%, compared with $21.6 million of gross profit and a 15.2% gross margin in the first quarter of 2023 income from operations increased by 26.0% to $9.7 million compared with $7.7 million in the first quarter of 2023 diluted income per share increased by 17.4% to $0.27, compared to diluted income per share of $0.23 in the first quarter of 2023 cash, cash equivalents, and short-term investments were $135.8 million as of march 31, 2024 net cash provided by operating activities was $10.5 million in the first quarter of 2024 compared to net cash used of $1.4 million in the first quarter of 2023.
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