Automotive us Thank for year today. Systems' XXXX Welcome conference you call. fourth joining to everyone and quarter China
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make statements we this may Before I'll call, statements. listeners remind may throughout that that begin, all forward-looking contain we
statements of represent call. the only Forward-looking company's estimates the assumptions and as this date of
As in for actual statements from due to result, company's XX, the the filed Securities including other with could in forward-looking filed those number year a differ under XXXX, Commission of factors, and Form time XX-K a report materially documents and the Securities Commission. company's the to December from those as time Exchange these company Factors contained Risk ended the with and Exchange in the by described results heading the annual
for of effectively deteriorating and could and operations. have we conduct the materially to operations that growth, financial the on of business foresee. adversely these timely COVID-XX customers in predict, business, ways factors other result of effect our we as our is and factors financial adverse our of and in outbreak liquidity business, sales, automobile and that factors our in Any financial control slowdown overall regional, not other suffer materially national cause a cannot conditions we controlled, conditions impact and cause and business results and the where our outlook regions may uncertainties cannot environment, If market the weakened be affected business a economic condition of beyond
any shipment in A to and made The delay duty costs production in process delays this could future or or statements of delivery whether continue facilities further products forward-looking any otherwise. result manufacturing, call, to expressly of customers, increase of information, updates assembly in disclaims any revenues. prolonged result and any reduce the in new unforeseen operations our the our or within our events a disruption company to to provide as
provide financial a call, this XX, accounting. reported and XXXX fiscal Q&A quarter results are overview The will results unaudited I period December Management the results a for summary and audited session. brief will On GAAP and and all are of the conduct then XXXX. fourth fiscal U.S. year ended year the quarter using fourth
review U.S. of financial purposes I'll call in the our dollars. results the today, For
of We'll growth the market industry X.X% declined to China’s marking begin the a our GDP Chinese quarter. automobile was economy, rebounding with quarter the growth in XXXX of a X.X% review period second first quarter X.X% position. before of of further XXXX, the recent third historical a soft in the and which dynamics the in
then growth of GDP the slowed to fourth However, X.X% XXXX. quarter in
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in was For declined sharply X.X% lockdowns china of experienced fiscal XXXX. the Total XX% effects in declined low growth XXXX. down year by economic sales in the X.X% development from Chinese estate to in growth retail investment XXXX fiscal real due by partially a and X% COVID-XX
with but in outbreak critical economy's with economy the lockdowns cities The chip XXXX half second the production the in affected especially The automobile quarter Supply affecting throughout growth. increased chain early interruptions worsened XXXX first COVID-XX China. which lessened impact COVID-XX computer resulting shortages better in year, of production. in across hindered the in several XXXX
exchange concerns trading and economic were Foreign key volatility the partners outlook XXXX. for throughout
declined year-over-year quarter by only in of year-over-year by third CAAM, by of sales Association XXXX, increased quarter of Chinese the the then Passenger XX.X%, total first XXXX [ph] XX.X% by Manufacturers, automobile X.X% vehicles XX.X% sales second in automobile decreased X.X% lower. grew sales and XX.X%, the XX.X% from data the rose fourth and by SUVs the the to year-over-year year-over-year. year-over-year up passenger only MTVs in In up by XX.X% vehicle XXXX quarter down X.X% increased Turning Automobile XX.X%, cross XXXX. of year-over-year quarter in with sedans
XX.X%. commercial smaller and fell Vehicles were sales XX.X% vehicle energy passenger energy New sales higher. for commercial sales new XXXX rose bus sales vehicle XX.X% XX.X% lower declined Energy the market and truck XX.X% new much by by increased the XX.X% In much and and were larger of sales vehicle by Sales
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products compared in million develop we share grow financial XXXX. Now, to cash our are and as $XX new strength free market our with global $XX.X we flow increased maintaining million
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are EPS greater products market NEV capabilities. are and acceptance more technologies our gaining acquiring Our
sales our is improving margins. changing product mix Our
policies have dramatic had impact Chinese New and restoring positive and COVID-XX a social chains. and on the activities business revitalizing economy, supply
who sales. We expect will overtime economy automobile the recovery of to leading greater strengthen
demand sales the in decreased Now, the the fourth quarter to fourth change $XXX.X sales financial product commercial XXXX let results me of net X.X% quarter The and in for quarter $XXX.X mainly due in was the quarter compared by million in XXXX. XXXX. vehicles automobiles XXXX. to decrease a passenger the to of review of Net fourth and million compared to mix lower the same of
quarter Gross a margin of compared million fourth fourth profit XXXX, in the the to change fourth XXXX. of quarter to XXXX in fourth $XX.X of $XX was by XX.X% quarter in XXXX in XX.X% mix. product Gross compared primarily XX.X% increased due in the to million of to quarter the
in sales million $X.X XXXX of the the expenses Selling Selling were of XXXX to of expenses X.X% the of $X.X million compared X.X% quarter of represented XXXX. in the fourth quarter in fourth XXXX. in net fourth compared quarter fourth quarter to
in XXXX. for fourth in of the of XXXX period of of were of quarter mainly G&A $XX.X net XXXX represented sales allowance fourth sales $X.X X.X% administrative compared in the XXXX, doubtful X.X% the to compared quarter which to the fourth accounts. expenses million to in the million increase net and quarter expenses in General same was in due provision
to fourth were in quarter of of and $XX.X expenses or to expenses increased as development salaries fourth of X.X% net to compared of increase in a the million the R&D X.X% the XXXX. and of quarter fourth due mainly activity an R&D compared XXXX fourth R&D Research quarter in new XXXX in million represented the result quarter of for wages the projects. in sales XXXX, $X.X
quarter was million was million operations the income the Chinese XXXX. expense expense the Brazilian real $X.X million quarter in fourth Financial of fourth and quarter $X.X quarter financial compared from from of in of the $X.X in fourth in XXXX Interest fourth to quarter was exchange XXXX the XXXX. fluctuations $X.X of the of of $X.X of RMB in income to of U.S. of to compared the the $X.X due compared fourth to to million XXXX XXXX. the fourth million quarter million operations in Loss dollar
the before the in to fourth the in in of Income and Cost quarter expenses XXXX, in equity loss income fourth compared XXXX million of quarter the of of $X.X million earnings before mainly the quarter in was fourth was tax taxes to income XXXX, and earnings affiliated tax $X.X million equity $X.X expense XXXX. of benefit XXXX. of and of quarter in tax the million a affiliated $X.X loss quarter companies due compared of to companies the of income an fourth fourth
company's fourth shareholders income outstanding parent XXXX. number of The common fourth income common the to common was weighted quarter fourth to XXXX. attributable share the of XXXX. XXXX diluted quarter $X.XX average fourth share net quarter million Diluted shareholders was Net $X.XX million the the income $X.X compared fourth XXXX attributed of quarter in of company's $X income in to parent compared diluted quarter XX,XXX,XXX of of of of per to was XXXX the fourth in shares compared in the quarter XX,XXX,XXX to in of the in per
customers company's systems in the to of XXXX sales Brazil to full in $XXX.X the vehicles increased to revenue power to EPS million XXXX, by represented review in total sales American Net to net sales EPS year grew the highlights. sales passenger of This sales year-over-year by vehicle million China In year-over-year. we'll but XX.X% of in Net XX.X% approximately higher Henglong's XXXX compared system was by of Automobile North total with steering in XX.X% sales to compared XXXX. Chery electric million. $XX.X steering XX.X% year-over-year $XXX X.X% up sales same increase increase year-over-year. Now XXXX. was mainly XX.X% due to XXXX in
in gross Gross XXXX, mainly XXXX Gain million million on by the profit XX.X% million mix. margin changes The to to XXXX. XXXX, XX.X% in to from in in $XX.X compared sales compared in $X.X to to in product to $X.X decrease increased $XX.X XXXX. XX.X% other increased million due year-over-year
X.X% net by increased $XX.X XXXX. mainly to expenses to due G&A expenses. by lower compared in XXXX XXXX in of X.X% year-over-year in $XX.X sales million represented sales XXXX XXXX X.X% in to XXXX to of $XX.X declined expenses compared G&A year-over-year compared in transportation in expenses in million net X.X% million $XX.X to Selling expenses compared XXXX. Selling X.X% of in to sales to represented million net XXXX. X%
sales primarily compared R&D products. in new XXXX. in investment expenses higher expenses were net was XXXX R&D million sales to to $XX.X XXXX. X.X% in and in were in $XX.X The net other products million X.X% to due XXXX increase compared EPS of of
XXXX. to million Operating income year-over-year in compared exchange increase The in to an Interest $X.X XXXX, XXXX dollar mainly expense due in increase $XX.X XXXX. million XXXX against higher profit. Brazilian net in $X.X $X.X in with financial increased XX.X% in compared to by was $X.X Net as million Chinese income primarily million RMB financial in real. $X the million of to expense was XXXX due fluctuated the gross consistent was to foreign income in million gains U.S. operating and
to million to attributable in shareholders expense parent XXXX. XXXX income $XX.X company's expenses to income to in me. was XXXX. compared fiscal and attributable in XXXX. operating primarily in million Excuse common net and compared is in affiliated parent $X.X Income net Net to $XX shareholders income was $X.X equity $X to earnings of income tax before Income million common due company's companies The financial year in tax change income $XX.X million higher XXXX. was of compared million XXXX million
in net in common share by weighted was year-over-year Diluted XXXX. XX,XXX,XXX XXXX. income outstanding per to XXXX in to number XX.X% shares average shares of in common XX,XXX,XXX to compared $X.XX compared $X.XX increased The XXXX diluted
we'll Next, sheet balance a over items. go few
short-term were As of accounts receivable cash December were equivalents, $XXX.X investments including and XX, cash $XXX.X total receivable, pledged notes XXXX, million. Total in million.
December million was flow $XXX.X December payable property, were million $XXX million. to $XXX.X from rights as compared XXXX. in parent operating $XX.X equipment XXXX in notes as company land short-term and XXXX activities of $X.X and stockholders use million of XXXX were million acquire including XXXX. in to compared $XX.X XX, Cash to million and million payable, equity Total was loans paid was to bank XX, million Accounts in XXXX. plant compared $XX Cash $XX.X
revenue operating guidance provided change. is $XXX the The Management business to This has XXXX subject outlook. current the on company's target and conditions. year based This use for marketing is million. to of
begin to Q&A are ready the With now that session. operator, we
