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Tesla Inc. reported a sixth straight quarter of profit and battered sales on Wednesday night, but profits fell below Wall Street expectations and the stock fell 7% after-hours trading.
Tesla TSLA,
said it earned $ 270 million, or 24 cents per share, in the fourth quarter, compared to earnings of $ 105 million, or 11 cents per share, in the quarter last year. Adjusted for one-off items, the Silicon Valley automaker earned 80 cents a share.
Revenue rose 46% to $ 10.74 billion from $ 7.38 billion a year ago, in part thanks to “substantial growth” in shipments, the company said.
Analysts polled by FactSet were forecasting adjusted earnings of $ 1.02 per share on sales of $ 10.47 billion.
The average selling price of its vehicles has fallen 11% year-over-year, as its mix continues to shift towards the cheaper Model 3 and Y of its luxury Model S and Model X vehicles, the company in a letter to shareholders.
Tesla has also avoided providing specific sales advice. The company said it had “streamlined our approach to guidance for 2021” to focus on long-term goals.
Tesla plans to increase its manufacturing capacity “as quickly as possible” and over a “multi-year horizon” expects to achieve an average annual growth of 50% in vehicle deliveries, its sales indicator.
“In some years we could grow faster, which we expect to be in 2021,” he said.
Growth of just 50% would mean the delivery of around 750,000 vehicles this year, which compares to just under 500,000 cars delivered in 2020, a year marked by plant shutdowns and delays due to the pandemic.
Analysts polled by FactSet are forecasting deliveries of around 800,000 vehicles this year.
The company said it remains on track to start production of vehicles at its plants in Germany and Texas this year, with internal battery cells. He is also on track to start selling his commercial truck, the Semi, by the end of the year.
Tesla stock has gained nearly 700% in the past 12 months, compared to around 17% for the S&P 500 SPX index,
Earlier this year, the title had its longest winning streak.
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