China Automotive raises 2009 revenue outlook
China Automotive Systems Inc., which makes vehicle steering systems and components, raised its full-year revenue guidance on Wednesday after posting a higher second-quarter profit.
The company said it now expects revenue to increase more than 20 percent for the year. That implies it expects revenue to climb to at least $195.8 million from $163.2 million in 2008.
Previously, the company expected revenue to increase between 10 percent and 15 percent.
The Wuhan, China-based company also said its second-quarter profit increased 28 percent.
Shares of China Automotive closed Wednesday at $7.99.
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