Tesla Inc. reported third quarter earnings that surpassed expectations. The electric vehicle maker also generated one of the widest profit margins in its history.
Tesla’s non-GAAP earnings for the three months ending in September surged +135% from the year-ago quarter to $1.86 per share, well above the Street consensus forecast of $1.59 per share.
Revenues rose +56.8% year-over-year to a record $13.757 billion, beating analysts' expectation of $13.6 billion.
Gross automotive margins for the quarter were 30.5%, rising +290 basis point year-over-year.
“EV demand continues to go through a structural shift. We believe the more vehicles we have on the road, the more Tesla owners are able to spread the word about the benefits of EVs," the company mentioned in a statement. "While Fremont factory produced more cars in the last 12 months than in any other year, we believe there is room for continued improvement. Additionally, we continue to ramp Gigafactory Shanghai and build new capacity in Texas and Berlin."
"A variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed," the company added. "We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility that is unparalleled in the automotive industry."
TSLA's Aroon Indicator triggered a bullish signal on July 22, 2024. Tickeron's A.I.dvisor detected that the AroonUp green line is above 70 while the AroonDown red line is below 30. When the up indicator moves above 70 and the down indicator remains below 30, it is a sign that the stock could be setting up for a bullish move. Traders may want to buy the stock or look to buy calls options. A.I.dvisor looked at 320 similar instances where the Aroon Indicator showed a similar pattern. In of the 320 cases, the stock moved higher in the days that followed. This puts the odds of a move higher at .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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