Skip to main content

Market Overview

Tesla Reports Record Quarterly Revenue Of $10.74B, Semi Deliveries Will Begin This Year

Share:
Tesla Reports Record Quarterly Revenue Of $10.74B, Semi Deliveries Will Begin This Year

Tesla Inc (NASDAQ: TSLA) reported fourth-quarter and full-year earnings after market close Wednesday and provided some updates on what’s ahead.

What Happened: Revenue increased 46% year-over-year to $10.74 billion for Tesla in the fourth quarter. Full fiscal 2020 revenue of $31.54 billion was up 28% year-over-year.

The total of $10.74 billion beat the Street consensus of $10.32 billion and is the highest in company history.

Tesla had $721 million in GAAP net income in fiscal 2020 and $2.5 billion in non-GAAP net income for the full fiscal year. Fourth-quarter GAAP net income was $270 million and non-GAAP net income was $903 million with stock-based compensation of $633 million.

Quarterly earnings of 80 per share may not compare to the analyst consensus estimate of $1.01.

The company had operating margins of 6.3%, despite $1.7 billion in stock-based compensation for the full fiscal year. The company reported $267 million in fourth-quarter stock-based compensation as part of the 2018 CEO Award to Elon Musk.

Fourth-quarter deliveries were 180,667 vehicles, a year-over-year increase of 61%.

Tesla had 86MW of solar energy and 1,584 MWh of energy storage deployed in the quarter. The company surpassed 3 GWh of energy storage in a fiscal year for the first time in company history.

Related Link: Tesla Beats Q3 Earnings Estimates, On Pace For Profitable Year

What’s Next: Tesla produced over 500,000 vehicles in fiscal 2020. The company started production of the Model Y at Gigafactory Shanghai in December and updated its Model S and Model X launches in January.

Production has been ramped up to 5,000 Model 3 cars per week in China. Berlin and Austin factories remain on track to start vehicle production this year.

“We are excited to ramp the updated Model S and Model X and deliver our first Tesla Semi by the end of the year," Tesla said in a release.

TSLA Price Action: Tesla shares are down 5% to $818.41 in after-hours trading. Shares hit 52-week highs of $891.50 earlier during Wednesday’s trading session.

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: Elon Musk Gigafactory Model 3 Model SEarnings News Top Stories After-Hours Center Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com