Tesla Inc. reported a sixth consecutive quarter of earnings and surpassed sales Wednesday at the end, but profits fell short of Wall Street expectations and shares fell as much as 7% in after-hours operations.
Tesla TSLA,
it said it earned $ 270 million, or 24 cents per share, in the fourth quarter, compared with earnings of $ 105 million, or 11 cents per share, in the previous quarter. Adjusted to get unique items, the Silicon Valley vehicle maker earned 80 cents per share.
Revenue rose 46 percent to $ 10.74 billion from the previous year’s $ 7.388 billion, thanks in part to “substantial growth” in deliveries, the company said.
Analysts surveyed by FactSet expected adjusted earnings of $ 1.02 per share in sales of $ 10.477 billion.
The average selling price of its vehicles fell 11% year-on-year as its mix continued to shift toward the cheaper Model 3 and Model Y models of the Model S and Model X luxury vehicles, the company said in a statement. letter to shareholders.
Tesla also shied away from providing a sales guide with a hard number. The company said it had “simplified our targeting approach for 2021” to focus on long-term goals.
Tesla plans to grow manufacturing capacity “as quickly as possible” and in a “multi-year horizon” expects to achieve an average annual growth of 50% in vehicle deliveries, its substitute for sales.
“In a few years we can grow faster, which we hope will be the case in 2021,” he said.
A 50% growth would mean the delivery of about 750,000 vehicles this year, which would compare to slightly below the 500,000 cars delivered in 2020, a year marked by factory outages and delays due to the pandemic.
FactSet survey analysts expect deliveries of around 800,000 vehicles for this year.
The company said it was on track to begin vehicle production at its factories in Germany and Texas this year, with its own battery cells. It is also on track to start selling its commercial truck, the Semi, later this year.
Tesla shares have gained nearly 700% in the last twelve months, compared to gains of about 17% in the S&P 500 SPX index,
Earlier this year, the action gained its longest trajectory.