Tesla Earnings (TSLA) Second Quarter 2021

Tesla reported earnings after the bell on Monday, and it’s a heartbeat on both the top and bottom lines. The shares were up about 1% after hours. Here are the results.

  • Earnings: $ 1.45 vs 98 expected adjusted cents per share, according to Refinitiv
  • Revenue: $ 11.96 billion vs $ 11.30 billion expected, according to Refinitiv

The company reported $ 1.14 billion in net income (GAAP) for the quarter. The first time, it has exceeded $ 1 billion.

Total automotive industry revenue amounted to $ 10.21 billion, of which only $ 354 million came from regulatory loan sales. That’s a lower number of credits than in any of the previous four quarters. Automotive gross margins were 28.4%, higher than in any of the last four quarters.

Tesla had already reported deliveries (its closest approximation to sales) of 201,250 electric vehicles and production of 206,421 total vehicles during the quarter ended June 30, 2021.

The company also reported $ 801 million in revenue from its energy business, including solar for homes and businesses and storage for utilities, increasing more than 60% from the previous quarter. While Tesla does not disclose how many energy storage units it sells each quarter, in recent weeks, Musk said in court that Tesla’s demand for its Powerwall home backup batteries was hovering around 80,000. He added that the company could only churn out 30,000 to 35,000 at best during the current quarter, blaming the delay on a shortage of chips.

Tesla also reported $ 951 in services and other revenue. An impairment of $ 23 million related to the value of its bitcoin holdings was registered as an operating expense on “Restructuring and Others”.

During the quarter, among other challenges, Tesla faced backlash from consumers in China, recalls in China and the US, and delayed deliveries of the high-performance version of its flagship sedan, the Model S Plaid.

Institutional investors are now looking for updates on two new factories Tesla is building in Austin and near Berlin, when the company plans to start commercial production of its Cybertruck and custom battery cells, and how Tesla will weather the ongoing parts shortage and the rising cost of raw materials. Materials CEO Elon Musk previously complained about.