Posts Tagged ‘q2 08 earnings’

China Automotive Systems Q2 08 Results

By: ispeculatornew | Date posted: 08.17.2008 (2:04 pm)

CAAS – China Automotive Systems (NASDAQ) – (Closing Price on Friday 8/15/08 – $6.03)

China Automotive Systems announced second quarter results on August 12 and reported sound results.

The company came in with revenue of 46.51 million and diluted EPS of 0.18. Revenue improved 28% year over year and 12% sequentially. Diluted EPS improved 80% year over year and was flat sequentially.

China Automotive Systems had given preliminary results in June for revenue over 52 million and EPS between 0.18 and 0.22. While the company met the low end of their EPS guidance they came in well below their revenue guidance. An analyst asked about this shortfall in the conference call. The company responded that when they gave guidance they were only two months into the quarter and there was a slowdown in the final month. They also stated that a related party transaction between the company’s subsidiaries had an impact on results. (more…)