Tesla Sees First Quarterly Profits - Analyst Blog
May 09 2013 - 7:14AM
Zacks
Tesla Motors Inc. (TSLA) is on cloud nine now.
The “green” automaker reported its first-ever quarterly profit of
$15.4 million, or 12 cents per share, on an adjusted basis, in the
first quarter of 2013 compared with a loss of $79.3 million or 76
cents in the corresponding quarter of 2012. This indicates a
whopping positive earnings surprise of 271.4% given the Zacks
Consensus Estimate of a loss of 7 cents for the quarter.
Revenues jumped manifold to $561.8 million from $30.2 million in
the first quarter of 2012. Thanks to the impressive 5,000 units of
Model S electric car sales during the quarter.
The automaker continued to supply full electric powertrains and
battery packs to Toyota Motor Corp. (TM) for their
RAV4 EV program. It also completed various deliverables under
Daimler’s (DDAIF) Mercedes Benz B-Class EV
program, which contributed to total development services revenues
of nearly $7 million.
Although, total gross margin decreased to 17.1% from 33.8% a year
ago but rose from 7.8% in the fourth quarter of 2012 due to higher
Model S production rate, manufacturing efficiencies, cost reduction
measures and regulatory credit sales.
Tesla had cash and cash equivalents of $214.4 million as of Mar 31,
2013 compared with $201.9 million as of Dec 31, 2012. Inventories
declined 11.7% to $237.6 million from $268.5 million as of Dec 31,
2012. Long-term debt declined 2.8% to $439.6 million from $452.3
million as of Dec 31, 2012.
In the quarter, Tesla’s cash flow from operations improved to $64.1
million compared with cash flow use of $63.3 million in the first
quarter of 2012. Capital expenditures increased 5.4% to $57.7
million $54.8 million a year ago.
Tesla expects to manufacture 5,000 Model S vehicles in the second
quarter of the year. For full year 2013, the company expects to
deliver 21,000 Model S cars globally, up 5% from its prior guidance
of 20,000 units.
Tesla also plans to spend about $200 million as capital
expenditures in 2013, as it concludes the majority of investments
in the Tesla Factory and Model S tooling. Capital expenditures also
includes the expansion of services, store development, Supercharger
networks and new product development.
Currently, shares of Tesla retain a Zacks Rank #3, which implies a
short-term (one to three months) Hold rating. Currently,
Peugeot S.A. (PEUGY) with Zacks Rank #2 (Buy) is
performing well in the global automotive industry.
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