TESLA CORPORATION (NASDAQ: TSLA) TODAY RELEASED ITS FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 2022 AS OF MARCH 31. ACCORDING TO THE EARNINGS REPORT, TESLA’S TOTAL REVENUE IN THE FIRST QUARTER WAS $18.756 BILLION IN TERMS OF U.S. GENERAL ACCOUNTING PRINCIPLES (GAAP), AN INCREASE OF 81% FROM $10.389 BILLION IN THE SAME PERIOD LAST YEAR, AND NET PROFIT ATTRIBUTABLE TO TESLA’S COMMON SHAREHOLDERS WAS $3.318 BILLION, A RECORD, AN INCREASE OF 658% FROM $438 MILLION IN THE SAME PERIOD LAST YEAR.
Tesla’s first-quarter revenue and adjusted earnings per share both exceeded analyst consensus expectations, pushing the stock up more than 5 percent in after-hours trading.
Tesla shares opened at $1,030.00 on the Nasdaq exchange on Wednesday. as of Wednesday’s close, Tesla shares were down $50.95, or 4.96%, to close at $977.20. as of 17:05 est on Wednesday, Tesla shares rose $54.67, or 5.60%, in after-hours trading. over the past 52 weeks, Tesla shares have peaked at $1243.49 and as lows as $546.98.
First-quarter operating highlights:
- Total vehicle production was 305,407 units, up 69% from 180,338 units in the year-ago quarter;
- Model S/X production was 14,218 units, compared to zero in the same period last year.
- Model 3/Y production was 291,189 units, up 61% from 180,338 units in the year-ago quarter.
- Total vehicle deliveries were 310,048 units, up 68% from 184,877 units in the year-ago quarter;
- Model S/X deliveries were 14,724 units, up 625% from 2,030 units in the year-ago quarter.
- Model 3/Y deliveries were 295,324 units, up 62% from 182,847 units in the year-ago quarter.
First quarter financial results:
Total revenue was $18,756 million, up 81% from $10,389 million in the year-ago quarter;
- Total automotive revenue was $16,861 million, up 87% from $9,002 million in the year-ago quarter, gross margin was 32.9%, up 6.4 percentage points from 26.5% in the year-ago quarter, and revenue from the sale of carbon credits was $679 million, up 31% from $518 million in the year-ago quarter;
- Energy generation and storage revenue was $616 million, up 25% from $494 million in the year-ago quarter;
- services and other business revenue was $1,279 million, up 43% from $893 million in the year-ago quarter;
- Total gross profit was $5,460 million, up 147% from $2,215 million in the year-ago quarter, and gross gross margin was 29.1%, up 7.8 percentage points from 21.3% in the year-ago quarter;
- Operating expenses of $1,857 million, up 15% from $1,621 million in the year-ago quarter;
- Operating profit was $3,603 million, up 507% from $594 million in the year-ago quarter, and operating margin was 19.2%, up 13.5 percentage points from 5.7% in the year-ago quarter;
ADJUSTED EBITDA WAS $5,023 MILLION, UP 173% FROM $1,841 MILLION IN THE YEAR-AGO QUARTER, AND THE ADJUSTED EBITDA MARGIN WAS 26.8%, UP 9.1 PERCENTAGE POINTS FROM 17.7% IN THE YEAR-AGO QUARTER;
Net profit attributable to Tesla common shareholders was $3,318 million, up 658% from $438 million in the year-ago quarter, and net income attributable to Tesla common shareholders, excluding non-GAAP, was $3,736 million, up 255% from $1,052 million in the year-ago quarter;
Diluted earnings per share attributable to tesla common shareholders were $2.86, up 633% from $0.39 in the year-ago quarter, and diluted earnings per share attributable to tesla common shareholders, excluding equity incentive expense, were $3.22, up 246% from $0.93 in the year-ago quarter;
Net cash from operating activities was $3,995 million, up 143% from $1,641 million in the year-ago quarter, capital expenditures were $1,767 million, up 31% from $1,348 million in the year-ago quarter, free cash flow was $2,228 million, up 660% from $293 million in the year-ago quarter, and cash and cash equivalents were $17,505 million, up 2% from $17,141 million in the year-ago quarter. by the end of the first quarter, excluding auto and energy product financing, tesla’s total debt had fallen to less than $100 million.
Prospect:
Deliverables: tesla plans to increase production capacity as soon as possible. Tesla expects to achieve an average annual vehicle delivery growth rate of 50% over the next few years. growth depends on tesla’s equipment capabilities, operational efficiency, and the capabilities and stability of its supply chain. tesla factories have not been in full production for many quarters, and the supply chain has become a major constraint, which is likely to run through 2022;
Cash: tesla has ample liquidity to fund our product roadmap, long-term capacity expansion plans, and other expenses;
profits: as tesla continues to innovate to reduce manufacturing and operating costs, they expect that over time, its hardware-related profits will accelerate along with software-related profits.
Products: The ramp-up of production at the Austin and Berlin plants will be influenced by the successful launch of many new products, the manufacturing technology of the new site, and the ongoing supply chain-related challenges. Ramping up capacity takes time, and the Austin and Berlin factories are no exception. Tesla also said it is making progress on the industrialization of pickup trucks on cybertrucks and currently plans to produce cybertrucks after the Model Y capacity ramp-up at its Austin plant.