Tesla Inc. reported a sixth consecutive quarter profit and a sale surpassed late Wednesday, but earnings fell below Wall Street expectations and shares fell by up to 7% in trading after the program.
Tesla TSLA,
said it earned $ 270 million, or 24 cents a share, in the fourth quarter, compared to $ 105 million, or 11 cents a share, in the quarter last year. Adjusted for unique items, the Silicon Valley carmaker earned 80 cents a share.
Revenue rose 46 percent to $ 10.74 billion from $ 7.38 billion a year ago, due in part to a “substantial increase” in deliveries, the company said.
Analysts surveyed by FactSet expected adjusted earnings of $ 1.02 per share from $ 10.47 billion in sales.
The average selling price of its vehicles fell 11% year-over-year as its mix continued to shift from cheaper Model 3 and Model Y models to its luxury Model S and Model X models, the company said in -a letter addressed to shareholders.
Tesla also shied away from providing a large sales guide. The company said it “simplified our approach to the 2021 guidelines” to focus on long-term goals.
Tesla intends to increase production capacity “as soon as possible” and on a “multi-annual horizon” expects to achieve an average annual increase of 50% in vehicle deliveries, its sales representative said.
“In a few years we can grow faster, which we expect to be in 2021,” he said.
A 50% increase would mean the delivery of about 750,000 vehicles this year, which would be compared to just under 500,000 cars delivered in 2020, a year affected by factory shutdowns and pandemic delays.
FactSet analysts expect deliveries of around 800,000 vehicles this year.
The company said it is on track to start vehicle production at its factories in Germany and Texas this year with internal battery cells. It is also about to start selling its commercial truck, Semi, by the end of the year.
Tesla shares have gained nearly 700% in the last 12 months, compared to gains of about 17% for the S&P 500 SPX,
Earlier this year, the action continued the longest winning race.