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Tesla (TSLA) Pulls Off 7th Consecutive Beat in Q3 Earnings
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Tesla (TSLA - Free Report) reported third-quarter 2022 earnings of $1.05 a share, up from the year-ago figure of 62 cents and surpassing the Zacks Consensus Estimate of 95 cents. This marked an earnings beat for the company for the seventh time in a row. Higher-than-expected revenues from Energy Generation and Storage and the Services and Other segments resulted in this outperformance. Our estimate for the bottom line was $1.06 a share.
Total revenues came in at $21,454 million, witnessing year-over-year growth of 56%. However, the top line lagged the consensus mark of $22,323 million. The electric vehicle (EV) giant reported an overall gross margin of 25.1% for the reported quarter. Further, the operating margin came in at 17.2%.
Tesla’s production and delivery totaled 365,923 and 343,830 vehicles, reflecting a year-over-year jump of 54% and 42%, respectively. While deliveries hit a record, they lagged the consensus mark of 354,950 vehicles. Our estimate for total deliveries was 349,931 units. The Model 3/Y registered production and deliveries of 345,988 and 325,158 vehicles, marking year-over-year growth of 51% and 40%, respectively. Production and delivery of the Model S/X totaled 19,935 and 18,672 units, respectively, in the quarter under review.
Total automotive revenues of $18,692 million missed the consensus mark of $19,995 million but jumped 55% year over year. The figure also included $286 million from the sale of regulatory credits for electric vehicles, which rose 3% year over year. Automotive gross profit came in at $5,212 million, which missed the consensus mark of $5,880 million. Automotive gross margin came in at 27.9%, contracting 258 basis points from third-quarter 2021.
Energy Generation and Storage revenues came in at $1,117 million in third-quarter 2022 compared with the year-ago quarter’s figure of $806 million. The figure beat the consensus mark of $910 million. Our estimate for the same was $870.4 million. Services and Other revenues were $1,645 million, significantly increasing from $894 million a year ago. The figure also topped the consensus mark of $1,350 million. We had projected revenues from Services and Other segment to come around $1,275.4 million.
Operating expenses totaled $1,694 million in the reported quarter, slightly up from $1,656 million incurred in the corresponding period of 2021.
Financials
Tesla had cash and cash equivalents of $21,107 million as of Sep 30, 2022, compared with $16,095 million on Sep 30, 2021. Net cash provided by operating activities amounted to $5,100 million in third-quarter 2022, jumping 62% year over year. Its capital expenditure totaled $1,803 million, compared with $1,819 million recorded in third-quarter 2021.
Tesla generated free cash flow of $3,297 million during the reported quarter, rocketing 148% year over year. Long-term debt and finance leases, net of current portion, totaled $2,096 million, down from $6,438 million on Sep 30, 2021.
Tesla currently carries a Zacks Rank #3 (Hold).
Upcoming Peer Releases
General Motors (GM - Free Report) : General Motors will release third-quarter 2022 results on Oct 25.
The Zacks Consensus Estimate for General Motors’ to-be-reported quarter’s earnings and revenues is pegged at $1.91 per share and $41.8 billion, respectively. GM surpassed earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 18.8%.
Ford (F - Free Report) : Ford will release third-quarter 2022 results on Oct 26.
The Zacks Consensus Estimate for Ford’s to-be-reported quarter’s earnings and revenues is pegged at 37 cents per share and $37.7 billion, respectively. F surpassed earnings estimates in two of the trailing four quarters for as many misses, with the average surprise being 24.5%
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Tesla (TSLA) Pulls Off 7th Consecutive Beat in Q3 Earnings
Tesla (TSLA - Free Report) reported third-quarter 2022 earnings of $1.05 a share, up from the year-ago figure of 62 cents and surpassing the Zacks Consensus Estimate of 95 cents. This marked an earnings beat for the company for the seventh time in a row. Higher-than-expected revenues from Energy Generation and Storage and the Services and Other segments resulted in this outperformance. Our estimate for the bottom line was $1.06 a share.
Total revenues came in at $21,454 million, witnessing year-over-year growth of 56%. However, the top line lagged the consensus mark of $22,323 million. The electric vehicle (EV) giant reported an overall gross margin of 25.1% for the reported quarter. Further, the operating margin came in at 17.2%.
Tesla, Inc. Price, Consensus and EPS Surprise
Tesla, Inc. price-consensus-eps-surprise-chart | Tesla, Inc. Quote
Key Takeaways
Tesla’s production and delivery totaled 365,923 and 343,830 vehicles, reflecting a year-over-year jump of 54% and 42%, respectively. While deliveries hit a record, they lagged the consensus mark of 354,950 vehicles. Our estimate for total deliveries was 349,931 units. The Model 3/Y registered production and deliveries of 345,988 and 325,158 vehicles, marking year-over-year growth of 51% and 40%, respectively. Production and delivery of the Model S/X totaled 19,935 and 18,672 units, respectively, in the quarter under review.
Total automotive revenues of $18,692 million missed the consensus mark of $19,995 million but jumped 55% year over year. The figure also included $286 million from the sale of regulatory credits for electric vehicles, which rose 3% year over year. Automotive gross profit came in at $5,212 million, which missed the consensus mark of $5,880 million. Automotive gross margin came in at 27.9%, contracting 258 basis points from third-quarter 2021.
Energy Generation and Storage revenues came in at $1,117 million in third-quarter 2022 compared with the year-ago quarter’s figure of $806 million. The figure beat the consensus mark of $910 million. Our estimate for the same was $870.4 million. Services and Other revenues were $1,645 million, significantly increasing from $894 million a year ago. The figure also topped the consensus mark of $1,350 million. We had projected revenues from Services and Other segment to come around $1,275.4 million.
Operating expenses totaled $1,694 million in the reported quarter, slightly up from $1,656 million incurred in the corresponding period of 2021.
Financials
Tesla had cash and cash equivalents of $21,107 million as of Sep 30, 2022, compared with $16,095 million on Sep 30, 2021. Net cash provided by operating activities amounted to $5,100 million in third-quarter 2022, jumping 62% year over year. Its capital expenditure totaled $1,803 million, compared with $1,819 million recorded in third-quarter 2021.
Tesla generated free cash flow of $3,297 million during the reported quarter, rocketing 148% year over year. Long-term debt and finance leases, net of current portion, totaled $2,096 million, down from $6,438 million on Sep 30, 2021.
Tesla currently carries a Zacks Rank #3 (Hold).
Upcoming Peer Releases
General Motors (GM - Free Report) : General Motors will release third-quarter 2022 results on Oct 25.
The Zacks Consensus Estimate for General Motors’ to-be-reported quarter’s earnings and revenues is pegged at $1.91 per share and $41.8 billion, respectively. GM surpassed earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 18.8%.
Ford (F - Free Report) : Ford will release third-quarter 2022 results on Oct 26.
The Zacks Consensus Estimate for Ford’s to-be-reported quarter’s earnings and revenues is pegged at 37 cents per share and $37.7 billion, respectively. F surpassed earnings estimates in two of the trailing four quarters for as many misses, with the average surprise being 24.5%
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.