Tesla Earnings Beat in Q1, But Fails to Offer Guidance On Deliveries
Investing.com
Published Apr 26, 2021 03:36PM ET
Updated Apr 26, 2021 04:20PM ET
By Yasin Ebrahim
Investing.com - Tesla reported Monday first-quarter earnings that beat analysts estimates, but revenue fell just short and the electronic automotive company did not provide guidance on full-year deliveries.
Tesla (NASDAQ:TSLA) fell 1% in afterhours trading following the news.
Tesla announced earnings per share of 93 cents on revenue of $10.39 billion. Analysts polled by Investing.com anticipated EPS of $0.74 cents on revenue of $10.42 billion. That was the seventh straight quarter of profit.
The company reported first-quarter deliveries of 187,877, more than double that of last year.
Margin growth topped estimates even as vehicle average selling prices declined 13% as Model S and Model X deliveries dropped in Q1 following product updates and increased sales of lower-margin China-made vehicles.
Automotive margin grew to 95 basis points 25.5%, above consensus of 22%.
Looking ahead, Tesla said its factories in Texas and Berlin remain on track.
In Europe, buildout of Gigafactory Berlin is continuing to move forward, with production and deliveries remaining on track for late 2021.
"In Fremont, Model Y production continued to ramp successfully and is approaching full capacity. In Texas, the factory buildout continues to progress quickly, remaining on track to start production and deliveries late this year," Tesla said. "In Europe, buildout of Gigafactory Berlin is continuing to move forward, with production and deliveries remaining on track for late 2021."
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Written By: Investing.com
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