Investor's Corner

Tesla releases Q4 FY 2020 $TSLA results: Record deliveries herald path to record profits

(Credit: Tesla)

Tesla’s (NASDAQ:TSLA) fourth-quarter and full-year earnings for 2020 saw the electric car maker post $10.7 billion in revenue. The results, which were discussed in an Update Letter, were released after the closing bell on Wednesday, January 27, 2021.

Tesla’s fourth-quarter was impressive, with the electric car maker producing a total of 179,757 vehicles comprised of 16,097 Model S and Model X and 163,660 Model 3 and Model Y. The company also delivered 180,570 vehicles comprised of 161,650 Model 3 and Model Y, as well as 18,920 Model S and Model X.

For the full year of 2020, Tesla produced a total of 509,737 vehicles comprised of 454,932 Model 3 and Model Y, and 54,805 Model S and Model X. The electric car maker also delivered a total of 499,550 vehicles, comprised of 442,511 Model 3 and Model Y, and 57,039 Model S and Model X.

The following are the key points in Tesla’s Q4 FY 2020 Update Letter.

REVENUE

Tesla reported a revenue of $10.7 billion for the fourth quarter. In comparison, Wall Street expected Tesla’s Q4 2020 revenue to be at $10.3 billion, while Estimize was more optimistic at $10.657 billion. As per the EV maker, total revenue grew 46% year-over-year in the fourth quarter. Vehicle average selling price (ASP) also declined 11% YoY as the product mix shifted from the Model S and Model X to the Model 3 and Model Y. 

EARNINGS PER SHARE

Tesla shareholders saw non-GAAP earnings per share of $0.80 in the fourth quarter. In comparison, Wall Street consensus expected Tesla to report a gain of $1.04 per share. Estimize’s numbers were a bit more optimistic at $1.08 per share. 

CASH

Tesla’s operating cash flow less CAPEX stands at $2.8 billion in 2020. The company’s war chest was also bolstered to $19.4 billion in the fourth quarter. Free cash flow in Q4 also stands at $1.9 billion.

PROFITABILITY

For the full year 2020, Tesla posted a $721 million GAAP net income, $2.5 billion non-GAAP net income. GAAP net income for the fourth quarter stands at $270 million, while non-GAAP net income for Q4 2020 stands at $903 million.

TESLA MODEL S and MODEL X REFRESH

Tesla has also officially announced the details for the Model S and Model X refresh, which featured a completely revamped interior that includes a massive 17″ touchscreen, the same size as the one found on the Cybertruck prototype, a new yoke steering wheel, and an 8″ display for the rear passengers.

Following is Tesla’s Q4 FY 2020 Update Letter.

TSLA-Q4-2020-Update by Simon Alvarez on Scribd

Tesla releases Q4 FY 2020 $TSLA results: Record deliveries herald path to record profits
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