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China Automotive Systems profit misses consensus by 56.2% in Q3

China Automotive Systems Inc. said its third-quarter normalized net income amounted to 10 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS fell 38.4% year over year from 16 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.2 million, a decrease of 29.5% from $4.6 million in the year-earlier period.

The normalized profit margin fell to 3.6% from 4.5% in the year-earlier period.

Total revenue declined 10.7% on an annual basis to $90.8 million from $101.7 million, and total operating expenses fell 7.6% on an annual basis to $85.9 million from $92.9 million.

Reported net income fell 38.0% on an annual basis to $4.2 million, or 13 cents per share, from $6.7 million, or 24 cents per share.