Tesla reports fifth consecutive quarter of profits

Tesla reports fifth consecutive quarter of profits

Elon Musk’s electric car and renewable energy company, Tesla, reported third-quarter results after the bell on Wednesday. The stock rose about 3% after hours as the company beat expectations on EPS and revenue, and reported its fifth consecutive quarter of profit.

Here is how Tesla performed versus analyst expectations:

Earnings per share (adjusted): 76 cents vs 57 cents, per Refinitiv

Revenue: $8.77 billion vs $8.36 billion, per Refinitiv

Net income (GAAP): $331 million vs $394 million, per Refinitiv

The company already reported that it delivered 139,300 vehicles during the quarter, a new record for Tesla.

Automotive revenue comprised $7.6 billion, about 91% of the total for the quarter. Automotive gross margins, excluding regulatory credits, rose from 18.7% to 23.7% sequentially. Tesla raked in $397 million in regulatory credits during the quarter nearly doubling the amount it made from these “green” credits year-over-year.

At Tesla’s 2020 annual shareholder meeting and battery day presentation in September, Musk said that vehicle deliveries in 2020 would be up 30% to 40% from last year, implying a range from 477,750 to 514,500 deliveries total.

Operating expenses jumped 33% from last quarter to $1.25 billion, as Tesla embarked on building new factories in Austin, Texas and Brandenburg, Germany, among other things.

CNBC

დატოვე კომენტარი

დაამატე კომენტარი

თქვენი ელფოსტის მისამართი გამოქვეყნებული არ იყო. აუცილებელი ველები მონიშნულია *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.