China Automotive Systems, Inc. (CAAS) just reported strong third-quarter results that easily beat expectations and raised its 2009 full-year guidance.

Third-Quarter Results

Sales were up 75% from last year to $64.7 million. Earnings also came in strong at 28 cents per share, 12 cents ahead of the Zacks Consensus Estimate. The company has beat in each of the last 3 quarters by an average of 82%.

The company said noted its cash balance increased 23% from last year to $45.9 million, while its stockholder equity was up 18% to $123.7 million.

Bullish Guidance

We haven’t seen estimates advance yet, but the company did offer bullish guidance, saying it expects sales to increase by 40% for 2009.

The Chart

This Zacks #2 rank stock has been on fire over the last 5 months after bottoming out around $5 in early summer. Shares spiked higher on the earnings surprise but have since pulled back a bit, take a look below.

Zacks Investment Research

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