China Automotive Systems, Inc. (NASDAQ:CAAS) Q3 2023 Earnings Call Transcript

For the 9 months ended September 30, 2023, gain on other sales amounted to $3.6 million compared to $5.3 million for the corresponding period in 2022. Income from operations increased 144.8% to $25.7 million compared to income from operations of $10.5 million in the first 9 months of 2022. Net income attributable to parent company’s common shareholders was $26.8 million compared to net income to thwart the company’s common shareholders of $16.8 million in the corresponding period last year. Diluted income per share was $0.89 in the first 9 months of 2023 compared to diluted income per share of $0.55 for the corresponding period in 2022. Balance sheet items. As of September 30, 2023, total cash, cash equivalents and cash deposits were $135.1 million.

Total accounts receivable and filing notes receivable were $241.5 million. Accounts payable, including notes payable, were $222.1 million. Total parent company stockholders’ equity was $328.6 million as of September 30, 23 compared to $311.7 million as of December 31, 2022. Net cash provided by operating activities was $10.7 million in the first 9 months of 2023 compared to net cash provided by operating activities of $31.7 million in the first 9 months of 2022. Payments to acquire property, plant and equipment were $12.2 million compared to $11.8 million in the first 9 months of 2022. Management has reiterated its revenue guidance for the full year 2020 to $560 million. This target is based on the company’s current views on operating and market conditions, which are subject to change.

With that, operator, we are ready to begin the Q&A session.

Operator:

Kevin Theiss: We thank you for your participation in today’s conference call. Be safe, and we look forward to speaking with you in the future.

Operator: Thank you very much. This does conclude today’s conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.+