Tesla (TSLA) Beats Q1 Estimates, Auto & Energy Sales Surge

Tesla (TSLA ) just released its first quarter financial results, posting an adjusted loss of $3.35 per share and revenues of $3.41 billion.

Tesla is currently a Zacks Rank #3 (Hold), which is subject to change based on today’s results. Shares of Tesla are down nearly 6% over the last year. However, the company has seen its stock price surge 12% over the last four weeks. Tesla stock also climbed marginally to hit $301.15 per share on Wednesday prior to the release of its quarterly earnings results.

Tesla stock is currently up 0.86% to $303.75 per share in after-hours trading shortly after its earnings report was released.

TSLA:

Beat earnings estimates. The company posted an adjusted quarterly loss of $3.35 per share, beating the Zacks Consensus Estimate that called for a loss of $3.37 per share.

Beat revenue estimates. The company saw revenue figures of $3.41 billion, topping our consensus estimate of $3.17 billion.

Tesla’s quarterly revenues jumped from $2.70 billion in the year-ago period. Tesla’s total quarterly automotive revenue jumped 19% to reach $2.74 billion, which was in line with our consensus estimates.

Meanwhile, Tesla’s energy generation and storage unit, which is made up of its solar panels, Powerwall, and solar roof businesses, skyrocketed 92% to $410 million. This also topped our consensus estimates of $392 million. Tesla’s service and other revenue category surged by 37%, driven primarily by higher used car sales.

Tesla announced in early April that it produced a total of 34,494 vehicles during Q1, which represented a 40% surge from the fourth quarter. Tesla noted that this was “by far” its most productive quarter in company history. At the time, the company noted it had produced 2,020 Model 3 vehicles within the previous seven days.

Looking ahead, Tesla once again reiterated its goal to produce 5,000 Model 3 units per week at some point during the second quarter. 

Here’s a graph that looks at TSLA’s Price, Consensus and EPS Surprise history:

Tesla, Inc. Price, Consensus and EPS Surprise

Tesla, Inc. Price, Consensus and EPS Surprise | Tesla, Inc. Quote

Check back later for our full analysis on TSLA’s earnings report!

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