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China Automotive Systems profit misses consensus by 15.6% in Q1

China Automotive Systems Inc. said its normalized net income for the first quarter came to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS increased 11.9% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.2 million, an increase of 28.1% from $4.9 million in the prior-year period.

The normalized profit margin increased to 5.1% from 4.3% in the year-earlier period.

Total revenue increased 8.0% on an annual basis to $123.4 million from $114.3 million, and total operating expenses rose 9.1% from the prior-year period to $114.1 million from $104.6 million.

Reported net income increased 24.0% on an annual basis to $8.4 million, or 26 cents per share, from $6.7 million, or 24 cents per share.