China automotive systems reports a 26.8% net sales increase in 2022 third quarter and 175% diluted eps growth in first nine months

Q3 revenues in brazil grew by 51.9% year-over-year amid currency headwinds wuhan, china , nov. 14, 2022 /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 third quarter and nine months ended september 30, 2022.  third quarter 2022 highlights net sales increased by 26.8% to $137.2 million compared with $108.2 million in the third quarter of 2021; electric power steering ("eps") product sales increased by 52.4% to $44.8 million; gross profit increased 24.4% to $20.9 million and gross margin was 15.2% compared with 15.5% in the third quarter of 2021; income from operations was $4.9 million compared with income from operations of $0.6 million in the third quarter of 2021; net income attributable to parent company's common shareholders was $7.5 million, or diluted income per share of $0.24, compared to a net loss attributable to parent company's common shareholders of $0.3 million, or diluted loss per share of $0.01, in the third quarter of 2021.
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