Tesla Inc (NASDAQ: TSLA) reported fourth quarter and full year earnings after the market closed on Wednesday and provided some updates on what’s to come.
What happened: Revenue increased 46% year over year to $ 10.74 billion for Tesla in the fourth quarter. Total fiscal 2020 revenue of $ 31.54 billion increased 28% year-over-year.
The $ 10.74 billion total surpassed the $ 10.32 billion Street consensus and is the largest in the company’s history.
Tesla had $ 721 million in GAAP net revenue in fiscal 2020 and $ 2.5 billion in non-GAAP net revenue for the entire fiscal year. GAAP net income for the fourth quarter was $ 270 million and non-GAAP net income was $ 903 million with share-based compensation of $ 633 million.
Quarterly earnings of 80 per share may not compare to the analyst’s consensus estimate of $ 1.01.
The company had operating margins of 6.3%, despite $ 1.7 billion in share-based compensation for the entire fiscal year. The company reported $ 267 million in share-based compensation in the fourth quarter as part of the 2018 CEO award for Elon Musk.
Deliveries in the fourth quarter were 180,667 vehicles, an increase of 61% over the previous year.
Tesla had 86MW of solar energy and 1,584 MWh of energy storage deployed in the quarter. The company surpassed 3 GWh of energy storage in a fiscal year for the first time in the company’s history.
Related link: Tesla beats earnings estimates for third quarter at profitable year pace
What is the next: Tesla produced more than 500,000 vehicles in fiscal year 2020. The company started production of Model Y at Gigafactory Shanghai in December and updated its Model S and Model X launches in January.
Production increased to 5,000 Model 3 cars a week in China. The factories in Berlin and Austin are still on track to start vehicle production this year.
“We are excited to accelerate the updated Model S and Model X and deliver our first Tesla Semi by the end of the year,” said Tesla in a statement.
TSLA Price Action: Tesla’s shares fell 5% to $ 818.41 on the floor. The stock reached 52-week highs at $ 891.50 at the start of Wednesday’s trading session.
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