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Tesla Inc (NASDAQ: TSLA) released its fourth quarter and year after market results on Wednesday and provided updates on what lies ahead.
What happened: Revenue increased 46% year-over-year to $ 10.74 billion for Tesla in the fourth quarter. Full-year 2020 revenue of $ 31.54 billion increased 28% year over year.
The total of $ 10.74 billion beat the street consensus of $ 10.32 billion and is the highest in the company’s history.
Tesla reported GAAP net income of $ 721 million in fiscal 2020 and non-GAAP net income of $ 2.5 billion for the full year. Fourth quarter GAAP net income was $ 270 million and non-GAAP net income was $ 903 million with stock-based compensation of $ 633 million.
Quarterly earnings of $ 80 per share may not compare to analysts’ consensus estimate of $ 1.01.
The company had operating margins of 6.3%, despite $ 1.7 billion in stock-based compensation for the full year. The company declared $ 267 million in fourth-quarter stock-based compensation as part of the 2018 CEO Award to Elon Musk.
Fourth quarter deliveries were 180,667 vehicles, an increase of 61% year over year.
Tesla deployed 86 MW of solar power and 1,584 MWh of energy storage during the quarter. The company exceeded 3 GWh of energy storage in one fiscal year for the first time in its history.
Related Link: Tesla Beats Third Quarter Revenue Estimates, At A Rate For A Profitable Year
And after: Tesla produced more than 500,000 vehicles in fiscal 2020. The company began production of the Model Y at Gigafactory Shanghai in December and updated its Model S and Model X launches in January.
Production increased to 5,000 Model 3 cars per week in China. The Berlin and Austin factories remain on track to start vehicle production this year.
“We are excited to launch the Model S and Model X update and deliver our first Tesla Semi by the end of the year,” Tesla said in a statement.
TSLA Price Action: Tesla shares are down 5% to $ 818.41 after hours. Shares hit a 52-week high of $ 891.50 in Wednesday’s trading session.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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