China Automotive Systems Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. Net sales increased by 20.1% to a first-quarter record of $97.2 million, compared to $80.9 million in the first quarter of 2012. Income from operations increased by 47.6% to $9.3 million, compared to $6.3 million in the first quarter of 2012. Net income attributable to parent company's common shareholders was $5.9 million, or diluted earnings per share of $0.21, compared to the net loss attributable to parent company's common shareholders of $0.8 million, or diluted loss per share of $0.03, in the first quarter of 2012. The net sales increase was mainly due to significant sales to SGMW and an increase in sales to Brilliance Auto, an increase in automotive vehicle sales in China, the sales of new products to a customer in North America, and the appreciation of the Renminbi versus the U.S. dollar, which were partially offset by the lower average selling prices of the products sold in China. Income before income tax expenses and equity in earnings of affiliated companies was $9.2 million in the first quarter of 2013, compared to $1.6 million in the first quarter of 2012. The increase in income before income tax expenses and equity in earnings of affiliated companies in the first quarter of 2013 was mainly due to an increase in operating income of $3.0 million, a decrease in financial expenses of $0.7 million, and a decrease in the loss in fair value of derivatives of $3.9 million in the first quarter of 2012, while there was no such loss in the first quarter of 2013. Income from continuing operations was $7,526,000 or diluted earnings per share of $0.21 against $254,000 or diluted loss per share of $0.03 a year ago. Net cash used in operating activities was $1,369,000 against net cash provided by operating activities of $8,518,000 a year ago. Payments to acquire property, plant and equipment was $2,843,000 against $1,992,000 a year ago. Management reiterates its revenue guidance of 10% year-over-year growth in the full year 2013.

China Automotive Systems Inc. announced that they will report Q1, 2013 results at 9:00 AM, China Standard Time on May 14, 2013

China Automotive Systems Inc., Q1 2013 Earnings Call, May 14, 2013