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China Automotive Systems Q3 profit climbs 30.2% YOY

China Automotive Systems Inc. said its normalized net income for the third quarter amounted to 13 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS climbed 31.2% year over year from 10 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.2 million, an increase of 30.2% from $3.2 million in the year-earlier period.

The normalized profit margin increased to 4.0% from 3.6% in the year-earlier period.

Total revenue rose year over year to $94.6 million from $90.8 million, and total operating expenses increased from the prior-year period to $88.9 million from $85.9 million.

Reported net income grew 37.5% on an annual basis to $5.7 million, or 18 cents per share, from $4.2 million, or 13 cents per share.