China Automotive Systems Inc.
by Bill WiltonOctober 22, 2009 | Comments : 0 Recommended this article: (0)
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China Automotive supplies power steering components to Chinese automakers. The company offers systems for all types of vehicles, from passenger cars to commercial vehicles.
In August China Automotive reported second-quarter results that included earnings of 24 cents per share, 11 cents higher than the Zacks Consensus. The earnings surprise was driven by record sales of $62.5 million, a 34% increase.
Net income rose 30% to $6.1 million. Earnings per share did rise despite the roughly 10% increase in outstanding shares.
China has been making headlines all year with its rapid growth and the automotive industry is not exception. The country is now outpacing the U.S. and has become the world's largest auto market.
Following the quarterly report, the full-year Zacks Consensus Estimate for 2009 jumped 11 cents to 53 cents. In past week, another estimate revision raised the average forecast another penny to 54 cents.
Next year's estimates followed the same pattern and now average 63 cents. These projects would mean year-over-year earnings growth of 11.5% and 17.8%, respectively.
Shares of CAAS are surging this earnings season, as are many other Chinese companies. The stock has a lot of momentum heading into China Automotive's earnings report on Nov 11.
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