Tesla shares rose nearly six percent in the after-hours trading session on Wednesday after the electric vehicle giant announced record profit and sales for the first quarter despite supply chain troubles. The results were partly helped by higher deliveries and an increase in average selling prices during the quarter.
Q1 Highlights
Tesla Inc. (TSLA) reported a profit of $3.2 billion, or $2.86 per share, for the three months ended March 31, substantially higher than 39 cents per share in the linked quarter of 2021. Excluding non-recurring items, profit rose to $3.22 per share, crushing analysts’ average estimate of $2.26 per share.
Total sales climbed to $18.6 billion, from $10.39 billion in the same period last year. Analysts were expecting Tesla to post revenue of $17.85 billion. Automotive revenue, a key growth indicator for Tesla, also jumped 87 percent on a year-over-year basis to $16.86 billion, while automotive gross margins reached a new high of 32.9 percent.
Overall, Tesla delivered 310,048 vehicles in the first quarter. Its famous Model 3 and Model Y accounted for 95 percent of the total quarterly deliveries.
Management Comments
Tesla’s senior management, including CEO Elon Musk, said the company is confident of achieving 50 percent growth over the last year. However, at the same time, the executives mentioned Covid-related factory closures in China that could impact the overall production.
Nevertheless, Tesla said that it is trying to resume working at full capacity as soon as possible. In a statement, Musk also expressed confidence that the company would be able to produce 1.5 million vehicles in the current fiscal year. However, he added that some customers ordering now may have to wait until next year to receive their cars.
Learn more about Earning Reports in the video below:
Hope this was useful for you! If so, hit the like button to make me feel good. Please note that the above content is not an investment advise and shall be considered only for informative purpose.
Feel free to share your opinions in the comments section below. Subscribe to get more unique content!
You might be also interested in:
Comments