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Tesla's (TSLA) Q1 Earnings and Revenues Beat, Surge Y/Y
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Tesla (TSLA - Free Report) reported first-quarter 2021 earnings of 93 cents, which surpassed the Zacks Consensus Estimate of 79 cents per share. Higher-than-expected automotive gross profit resulted in the outperformance. Precisely, automotive gross profit came in at $2,385 million, topping the consensus mark of $2,090 million. The bottom line also compared favorably with the year-ago earnings of 25 cents a share. Total revenues came in at $10,389 million, surpassing the consensus mark of $9,920 million. The top line also witnessed year-over-year growth of 74%.
Delivery and production totaled 184,877 and 180,338 vehicles, reflecting a year-over-year increase of 109% and 76%, respectively. Tesla reported stellar first-quarter 2021 production and deliveries despite global chip shortage, thanks to increasing popularity of green vehicles, preference for personal mobility, easier credit conditions, and hopes of economic recovery buoyed by accelerated vaccination drive as well as fiscal stimulus.
Model 3/Y registered production and deliveries of 180,338 and 182,847 vehicles, reflecting a year-over-year increase of 107% and 140%, respectively. Meanwhile, the company did not produce any Model S/X during the quarter under review. Nonetheless, it delivered 2,030 units of the same, down 83% year over year.
Total automotive revenues surged 75% year over year to $9,002 million for the reported quarter. This included $518 million from the sale of regulatory credits for electric vehicles, which increased 46% year over year. Automotive gross margin was 26.5%, improving 95 basis points from first-quarter 2020.
Energy generation and storage revenues came in at $494 million for first-quarter 2021 compared with $293 million in the year-ago period. Services and other revenues were up 59.4% year over year to $893 million.
Operating expenses totaled $1,621 million for the quarter under review, up from $951 million in the corresponding period 2020.
While Tesla has not provided any clear delivery target for 2021, it just released a statement saying that it anticipates achieving 50% average annual growth in vehicle deliveries over a multi-year horizon.
Financials
Tesla — whose peers include General Motors (GM - Free Report) , Ford (F - Free Report) and Toyota (TM - Free Report) — had cash and cash equivalents of $17,141 million as of Mar 31, 2021 compared with $19,384 million on Dec 31, 2020. Net cash provided by operating activities amounted to $1,641 million for first-quarter 2021. Capital expenditure totaled $1,348 million. Importantly, the Zacks Rank #3 (Hold) firm generated free cash flow of $293 million during the quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Tesla's (TSLA) Q1 Earnings and Revenues Beat, Surge Y/Y
Tesla (TSLA - Free Report) reported first-quarter 2021 earnings of 93 cents, which surpassed the Zacks Consensus Estimate of 79 cents per share. Higher-than-expected automotive gross profit resulted in the outperformance. Precisely, automotive gross profit came in at $2,385 million, topping the consensus mark of $2,090 million. The bottom line also compared favorably with the year-ago earnings of 25 cents a share. Total revenues came in at $10,389 million, surpassing the consensus mark of $9,920 million. The top line also witnessed year-over-year growth of 74%.
Tesla, Inc. Price, Consensus and EPS Surprise
Tesla, Inc. price-consensus-eps-surprise-chart | Tesla, Inc. Quote
Key Takeaways
Delivery and production totaled 184,877 and 180,338 vehicles, reflecting a year-over-year increase of 109% and 76%, respectively. Tesla reported stellar first-quarter 2021 production and deliveries despite global chip shortage, thanks to increasing popularity of green vehicles, preference for personal mobility, easier credit conditions, and hopes of economic recovery buoyed by accelerated vaccination drive as well as fiscal stimulus.
Model 3/Y registered production and deliveries of 180,338 and 182,847 vehicles, reflecting a year-over-year increase of 107% and 140%, respectively. Meanwhile, the company did not produce any Model S/X during the quarter under review. Nonetheless, it delivered 2,030 units of the same, down 83% year over year.
Total automotive revenues surged 75% year over year to $9,002 million for the reported quarter. This included $518 million from the sale of regulatory credits for electric vehicles, which increased 46% year over year. Automotive gross margin was 26.5%, improving 95 basis points from first-quarter 2020.
Energy generation and storage revenues came in at $494 million for first-quarter 2021 compared with $293 million in the year-ago period. Services and other revenues were up 59.4% year over year to $893 million.
Operating expenses totaled $1,621 million for the quarter under review, up from $951 million in the corresponding period 2020.
While Tesla has not provided any clear delivery target for 2021, it just released a statement saying that it anticipates achieving 50% average annual growth in vehicle deliveries over a multi-year horizon.
Financials
Tesla — whose peers include General Motors (GM - Free Report) , Ford (F - Free Report) and Toyota (TM - Free Report) — had cash and cash equivalents of $17,141 million as of Mar 31, 2021 compared with $19,384 million on Dec 31, 2020. Net cash provided by operating activities amounted to $1,641 million for first-quarter 2021. Capital expenditure totaled $1,348 million. Importantly, the Zacks Rank #3 (Hold) firm generated free cash flow of $293 million during the quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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