Tesla (TSLA) outcomes Q1 2021

Elon Musk, CEO of Tesla, gesticulates when he visits the construction site of the future US electric car giant Tesla in Gruenheide near Berlin on September 3, 2020.

Odd Andersen | AFP | Getty Images

Tesla reported first quarter results on Monday after the bell. The company slightly exceeded expectations on bitcoin sales and regulatory credit, but the stock fell as much as 3% after hours as investors digested the numbers.

Here’s how the company performed in the quarter compared to the analyst estimates produced by Refinitiv:

  • Merits: 93 cents per share compared to 79 cents per share expected
  • Revenue: $ 10.39 billion versus $ 10.29 billion, up 74% year over year

Net income hit a quarterly record of $ 438 million on a GAAP basis, and the company earned $ 518 million in revenue from regulatory loan sales for the period. Additionally, the company had a $ 101 million positive impact on Bitcoin sales during the quarter.

CEO Elon Musk’s electric vehicle business reported vehicle deliveries of 184,800 Model 3 and Y vehicles in the first quarter, exceeding expectations and setting a record for Tesla. However, the company also said it didn’t manufacture any of its high-end Model S sedans or Model X SUVs for the period leading up to March. It delivered 2,020 older Model S sedans and Model X SUVs from the warehouse.

In a call for results, Musk announced that a new version of the company’s Model S sedans will be delivered to customers from May 2021. Delivery of the Model X is scheduled to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.

The company expects vehicle deliveries to grow by more than 50% in 2021 on Monday, implying a minimum delivery of around 750,000 vehicles this year.

The fact that Tesla increased vehicle sales by more than 100% year-over-year, but service centers only increased 28% and mobile service fleets only increased 22%, explained why some Tesla customers have frustrated waiting times for Repairs are faced. The service expansion is not keeping pace with the volume of vehicles sold.

Tesla said it weathered chip bottlenecks that have plagued the auto industry in part by “moving extremely quickly to new microcontrollers while developing firmware for new chips made by new suppliers”. The names of the new suppliers were not disclosed.

It also reiterated Musk’s frequent claim that cameras, rather than radar, are a better route to autonomous vehicles. “Our AI-based software architecture is increasingly dependent on cameras until radar becomes unnecessary sooner than expected. As a result, our FSD [Full Self-Driving] The team is fully focused on developing a visionary autonomous system and we are almost ready to convert the US market to Tesla Vision, “said the company in its earnings release.

Revenue for the power generation and storage business for Tesla nearly doubled over the same period in 2020 when Musk said Covid, an emerging pandemic at the time, had slowed its power business to a crawl. However, energy revenue declined from $ 787 million in the fourth quarter to $ 595 million in the first quarter of 2021.

The company announced in February that it had purchased $ 1.5 billion worth of Bitcoin and may invest in other cryptocurrencies in the future. Bitcoin rose to record levels by April before pulling back. In its cash flow statement, Tesla announced that it had sold $ 272 million worth of “digital assets”, believed to be bitcoin, during the quarter.

Tesla said last month that Jerome Guillen, its former president of the automotive industry, would switch to the role of president of the heavy truck. It’s not clear who – if anyone – replaced Guillen, but staff updates could come after the bell during the profit call.

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