China Automotive Systems Q3 Profit Rises; Lifts FY Revenue View - Quick Facts

(RTTNews) - China Automotive Systems Inc. (CAAS), a power steering components and systems supplier in China, reported that its third-quarter of 2013 net income attributable to parent company's common shareholders rose to $8.6 million, or $0.31 per share, from $3.4 million or $0.12 per share in the third quarter of 2012.

Net sales increased by 24.2% to $90.9 million, from $73.2 last year, mainly due to significant sales growth to SAIC-GM-Wuling Automobile, Brilliance Auto, and other customers such as Dongfeng Peugeot Citroen, BYD and Great Wall which experienced rapid growth. The company said its sales to the North American market continue to grow as its shipments to Chrysler remains strong.

The company raised its revenue guidance to 20% from 15% year-over-year growth in the full year 2013 as the company is determined to increase its market share and further expand its leading market position.