China automotive systems' unaudited diluted income per share climbs to $0.23 in the first quarter of 2023

Wuhan, china , may 12, 2023 /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, 2023. first quarter 2023 highlights net sales increased by 4.3% to $142.2 million from $136.4 million in the first quarter of 2022 gross profit increased by 46.9% to $21.6 million with a gross margin of 15.2%, compared with $14.7 million of gross profit and a 10.8% gross margin in the first quarter of 2022 income from operations was $7.7 million compared with a loss from operations of $1.5 million in the first quarter of 2022 net income attributable to parent company's common shareholders was $6.8 million, or diluted income per share of $0.23, compared to net loss attributable to parent company's common shareholders of $0.1 million, or diluted loss per share of nil in the first quarter of 2022 cash and cash equivalents, pledged cash and short-term investments were $164.3 million as of march 31, 2023 net cash used in operating activities was $1.4 million in the first quarter of 2023 compared to $4.3 million used in the first quarter of 2022.
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