Despite beating Q1 Street estimates handily, shares of Tesla, Inc. (NASDAQ: TSLA) dipped as much as 3% in after hours trading Monday.
What Happened
The electric-vehicle (EV) maker reported (non-GAAP) Q1 earnings of $0.93 per share, 20 cents better than the Street’s consensus of $0.73, a 304% increase over EPS of $0.23 from the same period last year. Revenue jumped 74% year-over-year to $10.39 billion from $5,98 billion, beating expectations of $10.29 billion. Revenue however, was down 3.30% from $10,74 billion in the last quarter.
Net income reached a quarterly record of $438 million on a GAAP basis, or $0.39 a share, with help from a record $518 million in regulatory-credit sales. Tesla, which bought about $1.5 billion of the digital asset in January, said it had a $101 million positive impact from sales of the digital asset during the quarter.
Total vehicle production was 180,338 vehicles in the first quarter, up 76% from 102,672 year-over-year (y/y). Total deliveries of 184,877 were up 109% from 88,496 y/y.
On Monday’s earnings call, Tesla said it expects more than 50% vehicle delivery growth in 2021 overall. The projection implies a minimum of around 750,000 vehicles in fiscal 2021.
“Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case in 2021,” Tesla said in the Q1 release.
Energy storage deployments meanwhile, came in at 445 MWh, jumping 71% y/y in Q1. The increase was driven by the popularity of Powerwall. Solar deployed reached 92 MWh in Q1, up 163% y/y.
It should be noted that Q121 energy generation and storage revenue declined by 24% to $595 million from $787 million in the fourth quarter. Still, y/y the segment recorded a healthy 111% increase.
Tesla ended the quarter with $17.1 billion in cash and cash equivalents. The company said it had “sufficient liquidity to fund |its| product roadmap, long-term capacity expansion plans and other expenses”.
Tesla Stock
As of writing, Tesla shares are down $22.85, or 3.10%, to $715.35. Ticker closed Monday’s Nas session up by nearly 9 points to $738 & change. Shares of Tesla have declined 16% in the last three months of 2021. After hitting a peak in January, the stock retreated rather significantly before bouncing higher in early April. All told, the EV maker’s shares have gained 4.60% year-to-date and 362% year-over-year.
The $708 billion market cap company trades in a 52-week range of $136.61 to $900.40.
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