Tesla (NASDAQ:TSLA) earnings for first quarter of 2020 have TSLA stock taking off after-hours Wednesday. This is thanks to its adjusted earnings per share (EPS) of $1.24 shattering Wall Street’s estimate of losses per share of 36 cents. The electric car company’s revenue of $5.99 billion also comes in above analysts’ estimates of $5.9 billion.
Here are some additional highlights from the most recent Tesla earnings report.
- Adjusted per-share earnings are much better than adjusted losses per share of $2.90 in Q1 2019.
- Revenue for the quarter is sitting 32% higher than the $4.54 billion in the same period of the year prior.
- Operating income of $283 million is a massive improvement year-over-year from an operating loss of $522 million.
- The Tesla earnings report also includes a net income of $16 million.
- That’s a positive switch from the company’s net loss of $702 million reported during the same time last year.
Telsa includes the following statement in its Q1 earnings report.
“Despite the expiration of various government incentives at the end of last year, Q1 was pacing to be the strongest quarter of deliveries until our operations were interrupted in March. As a result, we remain confident in growing global production capacity as quickly as possible.”
Tesla isn’t providing numbers in its outlook for 2020. The novel coronavirus has made markets too unstable for it to do so. It plans to revisit its guidance in its second-quarter earnings report.
TSLA stock was up 9.3% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
