Tesla Inc.(NASDAQ: TSLA) today reported its second-quarter results for the fiscal year ending June 30. Tesla’s second-quarter revenue was $6,036 million, down 5 percent from $6.35 billion a year earlier, and net income attributable to Tesla’s common shareholders was $104 million, compared with a net loss of $408 million a year earlier, according to the results.
Tesla posted its first four-quarter earnings, and second-quarter revenue and adjusted diluted earnings per share both beat consensus expectations, pushing shares up more than 5 percent in after-hours trading.
Share price performance:
Tesla shares rise 5.38% after the session
Tesla opened at $1,599 on the Nasdaq on Wednesday. By Wednesday’s close, Tesla shares were up $23.97, or 1.53 percent, at $1,592.33. Tesla shares were up $85.67, or 5.38 percent, at 17:22 AEST at 17:22 AEST on Thursday. Tesla’s shares have peaked at $1,794.99 and are at $211 in the past 52 weeks.
Q2 Operating Highlights:
Total vehicle production was 82,272 units, down 5% from 87,048 a year earlier;
· Model S/X production was 6,326 units, down 56% from 14,517 units a year earlier;
· Model 3/Y production was 75,946 units, up 5% from 72,531 units a year earlier;
Total vehicle deliveries were 90,891, down 5% from 95,356 a year earlier;
· Model S/X delivered 10,614 vehicles, down 40% from 17,722 a year earlier;
· Model 3/Y delivered 80,277 vehicles, up 3% from 77,634 a year earlier;
The site of the next U.S. superplant has been finalized and preparations are under way.
– The construction of the Model Y production line at the Shanghai plant is proceeding as planned, with the first cars expected to be delivered in 2021;
The construction of a new European plant in Berlin is under way.
Q2 Financial Results:
Total revenue was $6,036 million, down 5% from $6.350 billion a year earlier.
Total auto business revenue was $5.179 billion, down 4% from $5,376 million a year earlier, while gross margin of the auto business was 25.4%, up 6.5 percentage points from 18.9% a year earlier.
Energy power generation and storage revenue was $370 million, essentially unchanged from $369 million a year earlier.
Revenue from services and other businesses was $487 million, down 20% from $605 million a year earlier;
Gross gross profit was $1,267 million, up 38% from $921 million a year earlier, and gross margin was 21.0%, up 6.5 percentage points from 14.5% a year earlier.
Operating expenses were $940 million, down 14% from $1,088 million a year earlier;
Operating profit was $327 million, compared with an operating loss of $167 million a year earlier, and operating margin was 5.4 percent. – 2.6% year-on-year;
Adjusted EBITDA was $1.209 billion, up 111% from $572 million a year earlier, and adjusted EBITDA margin was 20.0%, up 11 percentage points from 9.0% a year earlier.
Net income attributable to Tesla’s common shareholders was $104 million, compared with a net loss of $408 million a year earlier, while net income attributable to Tesla common shareholders was $451 million, compared with a net loss of $198 million a year earlier, based on non-U.S. general accounting standards (non-GAAP).
– Diluted net income per share attributable to Tesla common shareholders was $0.50, compared with a net diluted loss of $2.31 per share in the same period a year earlier, and diluted net income per share attributable to Tesla common shareholders was $2.18, compared with a net diluted loss of $1.12 per diluted share, a year earlier, based on non-U.S. GAAP.
Cash and cash equivalents increased by $535 million to $8.615 billion, operating cash flow (free cash flow) excluding capital expenditure was $418 million, net cash from operating activities was $964 million, and capital expenditure was $546 million.
Production: Tesla says it will update its outlook if it has expected to see disruption sits or global consumer confidence in the second half of the year, even though the company has managed to restore production to its previous levels.
– Delivery: maintain the target of delivering 500,000 vehicles this year;
Cash flow: Tesla says there should be enough liquidity to fund product roadmaps, long-term capacity expansion plans and other expenses;
Profit: Tesla’s GAAP operating margin has been just under 5% over the past 12 months, and the company expects operating margins to grow gradually, with capacity expansion and localization plans eventually reaching industry-leading levels;
Product: Tesla continues to build production lines for Model Y at its Super factories in Shanghai and Berlin, and is still expected to begin delivering Model Y from both plants in 2021. The site of the next U.S. superplant has been finalized and preparations are under way. Tesla’s electric semitrailer, the Tesla Semi, will also be delivered from 2021. Tesla will continue to invest heavily in the product roadmap.