TESLA Q1 EARNINGS EXCEED ESTIMATE BUT COMPANY BACKTRACKS ON 50% DELIVERIES GROWTH TARGET

Tesla (TSLA) posted first-quarter profit that handily exceeded estimates, with the results dovetailing the record deliveries the electric vehicle-maker reported during the first three months of 2021.

However, as per Emily McCormack of Yahoo! News, first-quarter revenue came up slightly short of expectations, and shares dipped by about 1% in late trading.

Here were the main results from Tesla's report on Monday, compared to consensus estimates compiled by Bloomberg: Q1 Revenue: $10.39 billion vs. $10.42 billion expected and $5.99 billion Y/Y; Q1 Adjusted earnings per share: 93 cents vs. 80 cents expected and 23 cents Y/Y

Earlier in April, Tesla reported first-quarter vehicle deliveries that set a record at 184,800, with the vast majority comprised of the more affordable Models 3 and Y. The record number of hand-overs came even as Tesla and the broader auto industry contended with a protracted semiconductor shortage, and ongoing disruptions stemming from COVID-19.

The results boded well for the electric vehicle maker's first-quarter operating results, which saw the company post yet another quarterly profit. Automotive gross margins unexpectedly expanded by more than 1 percentage point to 26.5%, with cost-cutting helping expand profitability even as sales of Tesla's lower-priced models strongly outpaced those of its higher-margin Model S and X vehicles.

In its letter to shareholders Monday, Tesla said it still plans to achieve 50% average annual growth in vehicle deliveries over a multi-year horizon, reiterating the target CEO Elon Musk floated on the company's January earnings call.

Last year, Tesla delivered just under half a million vehicles, coming up just short of Wall Street's estimates at the time.

"In some years we may grow faster, which we expect to be the case in 2021," Tesla said.

"The rate of growth will depend on our equipment capacity, operational efficiency, and capacity and stability of the supply chain."

The ramp-up of production at Tesla's Shanghai Gigafactory, which began delivering vehicles to customers in China in January last year, and its forthcoming facilities in Berlin and Texas are set to help achieve this goal. Both in-progress Gigafactories in Berlin and Texas are on track to begin production and deliveries this year, Tesla said Monday. And Tesla Semi deliveries will also begin later in 2021, the company added.

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