Tesla Inc. (NASDAQ: TSLA), the largest EV-maker, released its first-quarter results for FY22 on Wednesday, after the closing bell. The popular EV maker delivered 310,000 vehicles in Q1 earning $3.7 Billion in net income. The company also opened two new factories – Berlin and Austin. Tesla’s Q1 2022 earnings is seven times more than Q1 2021 despite supply chain issues and production cuts in China.
Tesla stock rose 4% during after hours following the announcement.
Here are the essential takeaways from the latest disclosure.
- Revenue: $18.7 billion reported vs. $17.28 billion expected
- EPS: $3.22 adjusted vs. $2.15 expected
- Net Income: $3.7 billion
- Operating cash flow less capex (free cash flow) of $2.2 billion in Q1.
- Total debt ex. vehicle and energy product financing under $0.1 billion.
- $3.6 billion GAAP operating income; 19.2% operating margin in Q1.
- $3.3 billion GAAP net income; $3.7 billion non-GAAP net income in Q1.
- 32.9% GAAP Automotive gross margin in Q1.
The Zacks Consensus Estimate for the earnings per share (EPS) was pinned at $2.15. This indicated a massive increase of 131.78% year-over-year. Moreover, it also suggested a substantial decrease 15.35% than that of the last quarter.
The Earnings Expected Surprise Prediction was 10.16%, which suggested that the consensus did expect Tesla to meet as well as beat its estimates for the fourth quarter. The estimated revenue was pegged at $17.28 billion. This suggested a substantial increase of 66.29% year-over-year.
Tesla’s fourth-quarter earnings highlights include:
- Operating cash flow less capex (free cash flow) of $2.8 billion in Q4.
- In total, $1.5 billion increase in our cash and cash equivalents in Q4 to $17.6 billion.
- $2.6 billion GAAP operating income; 14.7% operating margin in Q4.
- $2.3 billion GAAP net income; $2.9 billion non-GAAP net income (ex-SBC1) in Q4.
- 30.6% GAAP Automotive gross margin (29.2% ex-credits) in Q4.
Tesla announced its third-quarter earnings for 2021 after the market closed. Tesla beat WallStreet estimates with a revenue of $13.8 billion. Its total revenue grew by 57% YOY in Q3. This was achieved with a record number of vehicle production and deliveries. Tesla delivered more than 800,000 vehicles in Q3 2021.
- Revenue: $13.8B vs. $13.2B expected
- EPS: $1.86 vs. $1.35 expected
Analysts estimate earnings for the second quarter of FY22 to be $2.06 per share. This indicates a massive growth of 42.07% year-over-year. The estimated revenue for the quarter is $18.71 billion, indicating a substantial growth of 56.86% year-over-year.
Due to the strong earnings, the TSLA stock was up by 4.16% and traded at $1,017.88 (up by 40.68 points) in the extended trading session on Wednesday.