Tesla (NASDAQ:TSLA) earnings for the electric vehicle (EV) company’s second quarter of 2020 have TSLA stock heading higher after-hours Wednesday. That’s thanks to adjusted earnings per share of $2.18 handily beating Wall Street’s estimate for a loss of 11 cents. Its revenue of $6.04 billion also blows past analysts’ estimates of $5.23 billion.
Here are some additional highlights from the most recent Tesla earnings report.
- Adjusted per-share earnings are a major improvement over adjusted losses per share of $1.12 in Q2 2019.
- Revenue for the quarter is sitting 5% lower than the $6.35 billion from the same time last year.
- Operating income of $327 million is a positive change year-over-year from an operating loss of $167 million.
- The Tesla earnings report also has it bringing in a net income of $104 million.
- That’s much better than the company’s net loss of $408 million from the same period of the year prior.
Tesla includes the following statement in its current earnings report.
“Our business has shown strong resilience during these unprecedented times. Despite the closure of our main factory in Fremont for nearly half the quarter, we posted our fourth sequential GAAP profit in Q2 2020, while generating positive free cash flow of $418M.”
Tesla isn’t providing an outlook for 2020 due to the novel coronavirus. Even so, the company says that it expects a successful second half of the year thanks to changes made during the first half.
TSLA stock was up 5.4% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
