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

Tesla Inc 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.

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