NEW YORK (AP) -- China Automotive Systems Inc., which supplies power steering components and systems in China, said Friday that its fiscal fourth-quarter revenue results will easily surpass Wall Street's view.
China Automotive said its revenue for the last three months of 2010 rose 20 percent to $100.5 million from $83.8 million, well above the $88 million forecast by analysts, according to FactSet. Revenue for the full year rose 35 percent to $345.9 million from $255.6 million.
The company also said it expects 2011 revenue to increase about 20 percent from the previous year. That would imply revenue of $415.1 million, also above the $398.3 million expected by analysts.
China Automotive's stock surged $3.14, or 39 percent, to $11.28 in midday trading. Over the past year, the stock has traded in a range of $7.40 to $25.15.
Last month China Automotive said it received a letter from the Nasdaq stock market saying the company was not in compliance with its continued listing requirements, which require that companies file quarterly reports with the Securities and Exchange Commission in a timely manner.
On Friday China Automotive said it still expects to complete restatements of its 2009 financials and its interim financial statements for the first three quarters of 2010 during the second quarter.