$Tesla(TSLA.US) +3.4% after beating WS adj eps ests ($.50 vs $.44 est) on much better than expected EV profits. Auto gross profits were $5,009M vs $2,761M est. Auto gross margin ex-reg credits 17.9% vs 14.3% est. Energy revs +25% YoY vs +23% YoY exp.
TSLA delivered $.50 adj eps without pushing any accounting levers. TSLA quality of earnings was excellent with R&D spend +40% YoY (vs +24% exp). SGA +26% YoY (vs +12% YoY exp). Tax rate 27.5% (vs 22% exp) and a -$592M other expense charge. ZEV credits came in higher than expected ($542M vs $329M exp). Adj EBITDA was $4.2B vs $3.5B exp. FCF was $1.4B and TSLA finished the quarter with $44.1B cash and $8.4B debt. Active FSD subscriptions were 1.1M vs cumulative delivs of 8.9M (12.3% take rate). Conf call at 530 ET will likely focus on removal of safety monitors, the scale up of unsupervised autonomy, and Cybercab manufacturing timing.The copyright of this article belongs to the original author/organization.
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