Electric vehicle leader Tesla Inc TSLA reported first-quarter earnings after market close Wednesday. Here are the key highlights.
What Happened: Tesla reported first-quarter revenue of $18.76 billion, a year-over-year increase of 81%. The total came in ahead of a consensus estimate of $17.76 billion, according to Benzinga Pro. Automotive revenue came in at $16.86 billion, up 87% year-over-year.
Tesla reported earnings per share of $3.22, beating analyst estimates of $2.26 per share.
“The first quarter of 2022 was another record quarter for Tesla by several measures such as revenues, vehicle deliveries, operating profit and an operating margin of over 19%,” the company said.
Tesla says it had several issues hurting production and profits in the quarter including chip shortages, COVID-19 outbreaks and increased raw material costs.
Tesla reported production of 305,407 vehicles and deliveries of 310,048 vehicles in the first quarter, up 69% and 68% year-over-year, respectively.
Solar deployment was 48 MW in the first quarter, down 48% year-over-year. Energy storage for the first quarter was 846 MWh, up 90% year-over-year.
The company ended the quarter with $1.2 billion in Bitcoin BTC/USD, in-line with the fourth quarter with no transactions reported in the first quarter.
Related Link: How To Trade Tesla Stock Heading Into Q1 Earnings, Charting The Path Ahead
What’s Next: Tesla began production and deliveries at its Gigafactory Berlin in March and at Gigafactory Texas in April. Both factories are expected to increase the production for Tesla moving forward.
“We plan to grow our manufacturing capacity as quickly as possible. Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries,” the company said.
Supply chain issues are expected to continue through the rest of 2022, leading to factories running below capacity, Tesla said.
Tesla said it's making progress on the Cybertruck, highlighting production planned in Austin, Texas subsequent to the Tesla Model Y ramp.
An earnings call is scheduled for 5:30 p.m. ET Wednesday with CEO Elon Musk confirming earlier that he will be attending the event.
TSLA Price Action: Tesla shares are up 3% to $1,008.91 in after-hours trading at press time.
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