In This Article:
Tesla TSLA reported fourth-quarter 2021 earnings of $2.54, which surpassed the Zacks Consensus Estimate of $2.11. A higher-than-expected automotive gross profit resulted in this outperformance. Precisely, automotive gross profit came in at $4,882 million, topping the consensus mark of $4,254 million. The bottom line also compared favorably with the year-ago earnings of 80 cents a share.
Total revenues came in at $17,719 million, beating the consensus mark of $16,070 million. The top line also witnessed year-over-year growth of 65%. Importantly, the electric vehicle giant reported an automotive gross margin of 30.6% and overall gross margin of 27.4% for the quarter. Further, operating margin came in at 14.7%.
Tesla, Inc. Price, Consensus and EPS Surprise
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Key Takeaways
Production and delivery totaled 305,840 and 308,650 vehicles, reflecting a year-over-year jump of 70% and 71%, respectively. Tesla reported record-setting fourth-quarter 2021 deliveries, thanks to the soaring popularity of green vehicles and rising preference for personal mobility. In fact, fourth-quarter 2021 marked the sixth consecutive quarter of ground-breaking deliveries by the world's most valuable automaker.
The Model 3/Y registered production and deliveries of 292,731 and 296,884 vehicles, marking year-over-year growth of 79% and 84%, respectively. Meanwhile, production and delivery of the Model S/X plunged 19% and 38% on a year-over-year basis to 13,109 and 11,766 units, respectively.
Total automotive revenues of $15,339 topped the consensus mark of $13,728 million and surged 70% year over year. The figure also included $314 million from the sale of regulatory credits for electric vehicles, which decreased 22% year over year. Automotive gross margin came in at 30.6%, expanding 648 basis points from fourth-quarter 2020.
Energy generation and storage revenues came in at $688 million for fourth-quarter 2021 compared with the year-ago period’s $752 million. The reported figure also fell short of the consensus mark of $828 million. Services and other revenues were up 57% year over year to $1,064 million and surpassed the consensus mark of $981 million.
Operating expenses totaled $2,234 million for the reported quarter, up from $1,491 million incurred in the corresponding period of 2020.
While Tesla has not provided any clear delivery target for 2022, it reiterated its goal of achieving 50% average annual growth in vehicle deliveries over a multi-year horizon.
Financials
Tesla had cash and cash equivalents of $17,576 million as of Dec 31, 2021 compared with $16,065 million on Sep 30, 2021. Net cash provided by operating activities amounted to $4,585 million for fourth-quarter 2021, up 52% year on year. Its capital expenditure totaled $1,810 million, up from the $1,151 million recorded in fourth-quarter 2020.