Tesla Surges After-Hours on Strong Q3 Earnings and Profit Margin
Tesla Inc. (NASDAQ:TSLA) stock rallied after hours on Wednesday as the electric vehicle maker's third-quarter earnings and profit margin topped expectations, despite revenue falling short. The company's earnings per share (EPS) rose 9% year-over-year to $0.72, surpassing estimates of $0.58. Revenue of $25.18 billion marked an 8% increase from the year-ago quarter but missed estimates of $25.57 billion.
Key Takeaways:
- Tesla's EPS increased 9% year-over-year to $0.72, beating estimates of $0.58.
- Revenue of $25.18 billion marked an 8% increase from the year-ago quarter, but missed estimates of $25.57 billion.
- Automotive revenue was up 2% at $20 billion, while energy generation and storage revenue grew 52% to $2.38 billion.
- Services and other revenue was up 29% at $2.79 billion.
- Tesla's profit margin improved to 19.8% from 17.9% in Q3 2023 and 18% in Q2 2024, exceeding analysts' expectations of 17.2%.
- The company's Cybertruck became the third best-selling EV in the US, behind the Model Y and Model 3.
- Tesla achieved over 2 billion miles driven cumulatively on Full Self Driving (supervised) in the quarter.
- The company reported Q3 vehicle deliveries of 462,890, a 6% jump from the same quarter last year and marking the first quarter of growth in 2024.
- Tesla's CEO emphasized the company's focus on expanding its vehicle and energy product lineup, reducing costs, and making critical investments in AI projects and production capacity.
Statistics:
- EPS:
+ $0.72 (Q3 2024)
+ $0.58 (estimated)
+ $0.66 (Q3 2023)
- Revenue:
+ $25.18 billion (Q3 2024)
+ $25.57 billion (estimated)
+ $23.26 billion (Q3 2023)
- Profit Margin:
+ 19.8% (Q3 2024)
+ 17.9% (Q3 2023)
+ 18% (Q2 2024)
+ 17.2% (estimated)
- Vehicle Deliveries:
+ 462,890 (Q3 2024)
+ 436,373 (Q3 2023)
+ 6% growth (year-over-year)
Sources:
- Tesla Inc. (NASDAQ:TSLA) earnings report
- "Tesla Delivers Record Third Quarter Volumes" (company press release)
- Various analyst estimates and reports