Tesla posts record sales and profit despite industry headwinds
$Tesla(TSLA.US$ posts record revenue and profit in Q3 as the automaker scaled up despite some supply chain slowdowns and congestion at key ports.
The company racked up $1.6B in GAAP net income and $2.1B non-GAAP net income
The automaker reports it produced 237,823 vehicles in Q3 (+64% Y/Y) and delivered 241,391 vehicles (+73%).
Operating margin was 14.6% of sales to easily top the guidance range and analyst expectations.
Automotive gross margin came in at 30.5% vs. 28.4% consensus, 27.7% last year and 28.4% last quarter. The margin rate was 28.8% with credits backed out. The margin improvement was struck even with the average selling price of a vehicle down 6% due to a shift in model mix.
On the operations side, Tesla says factory buildout for the Berlin-Brandenburg Gigafactory remains on track with testing of equipment well underway. The company expects to receive final permit approval before the end of this year. Tesla continues to target seeing the first Model Y production builds in Berlin and Austin before the end of the year.
The electric vehicle juggernaut sticks with a multi-year deliveries view for 50% average annual growth. TSLA expects operating margin will continue to grow over time, continuing to reach "industry-leading levels" with capacity expansion and localization plans underway.
Solar deployments of 83MW was up 46% compared to last year.
Tesla ended the quarter with a cash position of $16.1B vs. $16.9B anticipated by analysts.
Shares of Tesla are down 0.72% in after-hours trading to $859.55. The all-time high for Tesla is $900.40.
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wither rose circus : This is where the bears step in and claim TSLA is not a profitable company despite posting record profits. Again.
dudedude wither rose circus : I always believed this was and will be a profitable, I just object to the valuation of the company even with it's growth targets. They are the best- for now, but as a value investor- no.I am a bear.
StarB612 dudedude : Market is usually forward looking. Extrapolate this ER forward, and then add some with the even more efficient, more profitable GA and GB added to the mix. Hard to believe that it has to be explained, but.....
dudedude StarB612 : okay, grasp that, it is still way overpriced...and that assumes they hit all their targets.
iris of the lambs dudedude : A Forward PE of 100 with 2 new factories opening in December and a 6 month waiting list? I do not call that overvalued by any means.
Rahul Bhanushali : AND they did this with only 2 factories. 2 more factories coming online starting 2022! I feel bad for the bears
LONG $Tesla (TSLA.US)$
rabitter : As Tesla continues to reduce costs, and the decline is greater than the decline in average selling prices, it has achieved a record high in operating profit margins
NgKennykk : Nice
不死神 : Well