China Automotive Systems Re-iterates FY20 Revenue Guidance

China Automotive Systems Re-iterates FY20 Revenue Guidance

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While reporting financial results for the second quarter on Friday, vehicle parts supplier China Automotive Systems, Inc. (CAAS) re-iterated its revenue guidance for the full-year 2020 of $360 million, based on the company’s current views on operating and market conditions, which are subject to change.

In April, the Company regained its full operating capacity after lockdown restrictions were removed and reopened its Wuhan headquarters after a temporary relocation to Jingzhou City in March.

For the second quarter, the company reported a net loss attributable to parent company’s common shareholders of $4.1 million or $0.13 per share, compared to net income of $2.5 million or $0.08 per share in the prior-year quarter. Net sales also declined to $83.2 million from $105.7 million in the same quarter last year.

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