EARNINGS: Tesla Q1 EPS $1.24 Adj. vs. ($0.36) Est.; Q1 Revs. $5.99B vs. $5.90B Est.

[tacobell fan]

• Tesla reported first-quarter results on Wednesday, including a $16 million profit.
• A Covid-19 outbreak in China forced Elon Musk’s electric vehicle maker to suspend manufacturing in Shanghai for more than a week in February, and in the U.S. at the end of March.
• Musk and Tesla CFO Zachary Kirkhorn are expected to update shareholders on the impact of the novel coronavirus on their business so far, and their plans to bring production back online in the U.S.

[sri_india]

Super kadha ... Msft kuda beat estimates

[Pitta]

[DummyVariable]

841 post market 

[tacobell fan]

Tesla shares rose about 2% after hours as the company showed its third consecutive quarter with a profit.

Here’s how the company did: 

• Earnings per share (EPS): $1.24 per share, ex-items
• Revenue: $5.99 billion

 

Wall Street was expecting an adjusted loss of 36 cents per share and revenue of $5.9 billion, according to a survey of analysts by Refinitiv. However, estimates varied widely, and comparing Tesla’s actual results with estimates isn’t straightforward, given the difficulty of predicting the impact of the novel coronavirus. 

The company reported a GAAP profit during the quarter of $16 million, its third consecutive quarter of profitability.

Previously, Tesla reported that it had delivered around 88,400 vehicles in the first quarter of 2020, including: combined deliveries of 76,200 Model 3 sedans and Model Y cross-over SUVs, and combined deliveries of 12,200 of the older and more expensive Model S and X vehicles.

This period marked Tesla’s first full quarter with a factory open in Shanghai, and Tesla’s first quarter of Model Y deliveries and production. 

In Q4 2019, Tesla reported its second consecutive GAAP-profitable quarter, but the company also lost $862 million for the full year. At that time, Tesla executives said they expected the company to be positive cash flow and net income on a continuing basis, with possible exceptions as the company launches and ramps up production for new products. They also said they expected to comfortably exceed sales of 500,000 vehicles in 2020.

 

Last quarter, revenue came in at $7.38 billion -- Q4 revenues are typically the highest of the year because of seasonal factors -- and Q1 2019 revenues were $4.54 billion.

Covid-19 effects

Government health orders, meant to curb the spread of the virus, forced Tesla to suspend production at its new car plant in Shanghai for around two weeks in February. By the end of March, Tesla would face an even longer restriction in the U.S.

Nonetheless, CEO Elon Musk was able to raise $2 billion in a stock offering in February before the epidemic in China expanded into a global pandemic.

Tesla’s main U.S. car plant in Fremont, California, has been operating at a minimum basic level since March 24, as required by Alameda County public health orders. (Minimum basic operations primarily include physical security around the facility, and maintenance of equipment and inventory there.)

The company also suspended production temporarily at its battery plant outside of Reno, Nevada, and at its facility in Buffalo, New York, where it makes components for its batteries and its electric vehicle charging stations, along with some solar products.

Impacts of these shut-downs are expected to hit Tesla’s balance sheet fully in the second quarter of 2020. The company has already implemented furloughs, pay cuts and ceased all but essential contractor and temp assignments.

Despite Covid-19 related business disruptions, Tesla was able to sell cars online and deliver them to customers with a “contactless” delivery option throughout the U.S., and to keep servicing its customers’ cars.

[DummyVariable]

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[tacobell fan]

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[trent]

Just now, tacobell fan said:

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[tacobell fan]

Just now, trent said:

Congrats uncle 

[DummyVariable]

5 minutes ago, tacobell fan said:

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[tacobell fan]

4 minutes ago, DummyVariable said:

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Expiry? 

[DummyVariable]

9 minutes ago, tacobell fan said:

Expiry? 

5/1