China Automotive Systems, Inc. (NASDAQ: CAAS) shares began Friday trading slightly in the minus range. The company, which leads power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2024.
Fourth Quarter 2024 Highlights
Net sales increased by 18.6% year-over-year to $188.7 million. Gross profit was $29.5 million from $34.7 million. Gross margin of 15.6% compared to 21.8% in the fourth quarter of 2023
Operating income was $8.7 million, compared with $13.6 million in the fourth quarter of 2023.
Fiscal Year 2024 Highlights: Net sales increased by 12.9% to an annual record of $650.9 million compared to $576.4 million in 2023
Gross profit increased by 5.2% to $109.2 million compared to $103.8 million in 2023. Gross margin was 16.8% compared with 18.0% in 2023. Operating income increased by 2.6% to $40.3 million from $39.2 million in 2023
Diluted net income per share was $0.99 in 2024 compared to $1.25 in 2023. Total cash and cash equivalents, pledged cash and short-term investments were $129.4 million at year end. Net cash flow provided by operating activities was $9.8 million in 2024.
CEO Qizhou Wu, “We had a solid year in 2024 with record annual revenue, continued profitable operations, positive cash flow from operations, provided a special cash dividend to reward shareholders and initiated a share repurchase program.”
CAAS shares ditched four cents to $5.22