Tesla smashes first quarter estimates, warns supply chain issues are far from over – TechCrunch

Today, after the bell, US electric vehicle giant Tesla announced its first quarter performance. The company detailed revenue of $18.76 billion and earnings per share of $2.86, up from its first-quarter 2021 results on revenue. $10.389 billion and earnings per share of 93 cents.

However, Tesla warned of continued supply constraints that could hamper future production, despite the recent openings of its Gigafactory in Berlin and Texas that will build the Model Y.

“Our own factories have been running below capacity for several quarters as the supply chain has become the primary limiting factor, which is expected to continue through the end of 2022,” the automaker said in its financial outlook. .

Tesla reported net income of $3.32 billion, a 658% increase from the $438 million reported for the same period last year. The company’s earnings result stands out as being by far the largest in the company’s recent history, beating its fourth quarter 2021 net results by about $1 billion.

The figures exceeded analysts’ expectations in terms of revenue and net income. According to data from Yahoo Finance, analysts expected Tesla to generate revenue of $17.8 billion in the first quarter of 2022 and earnings per share of $2.26.

Shares of the company rose about 4% in after-hours trading, after losing nearly 5% of their value in regular trading.

The corporate neighborhood is hard to fault. Tesla’s revenue rose 81% year over year, a figure surpassed by an 87% growth in automotive revenue over a similar period. Additionally, the company’s operating expenses were up just 15% from the year-ago quarter, helping the electric vehicle company make a huge jump in its revenue margin. operating – this figure fell from 5.7% in the year-ago quarter to 14.7% in the last quarter of 2021, to 19.2% in its last three-month period.

Again, when we dip a toe deeper into the numbers, things look good. Tesla’s automotive gross margin also posted what was at least a local high, rising to 32.9% from 26.5% in the first quarter of 2021 and 30.6% in the fourth quarter of 2021.

Finally, from a big numbers perspective, Tesla’s operating business threw just under $4.0 billion of cash in the quarter, up 143% from its 1.64 result. billion dollars a year ago. Notably, Tesla generated more positive operating cash flow in the fourth quarter of 2021 than at the start of 2022, but the decline appears modest compared to the prior year comparison.

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