China Automotive Systems Reports a 91.7% Increase in Diluted Net Income Per Share in Fiscal Year 2022
WUHAN, China, March 30, 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 fourth quarter and the audited results for the fiscal year ended December 31, 2022.
- In the fourth quarter of 2022, net sales decreased by 7.2% to $128.8 million compared to $138.8 million in the same quarter of 2021.
- Selling expenses represented 3.6% of net sales in the fourth quarter of 2022, compared to 2.4% in the fourth quarter of 2021.
- Diluted income per share was $0.14 in the fourth quarter of 2022, compared to diluted income per share of $0.16 in the fourth quarter of 2021.
- Diluted net income per share increased by 91.7% year-over-year to $0.69 in 2022 compared to $0.36 in 2021.