Quick glance of Tesla Q4/2023 results
- Revenue +3% YoY to $25.2 bn ($0.6 bn miss) 🚨
- Gross margin 18% (-6pp YoY) 🚨
- Operating margin 8% (-8pp YoY)🚨
- Capex +24% Y/Y to $2.3 bn✅
- Free cash flow +45% YoY to $2.0 bn✅
- Non-GAAP EPS $0.71 ($0.03 miss)🚨
- Deliveries +20% YoY to 485k✅
Overall, #expectations from #analysts were narrowly missed, yet the long-term perspective for #Tesla remains exceptionally attractive. AI and robotics will increasingly come into focus.
Sales
Vehicle deliveries increased from 405,278 to 484,507, a 20% rise from Q4-2022 to Q4-2023. Elon Musk hinted in the conference call that Tesla's FY24 Volume growth "may be notably lower."
Revenue
Increased from $24.32 bn. to $25.2 bn. - a moderate growth of 3.6%. Despite increased deliveries, lower prices per vehicle & an unfavorable model mix (more lower-priced models) dampened the revenue increase.
Margin
Declined from 16% to 8.2% - here the price reductions & higher production costs due to the Cybertruck are evident. Operating income fell from $3.89 bn. to $2.06 bn. Another positive note is the increase in EBIT margin compared to Q3-2023 at 7.6% - the bottom has been passed!
EPS (Adjusted)
This fell from $1.19 to $0.71, a 40% decrease. Despite a one-time tax benefit of $1.56 per share (or $5.9 bn.), the decline in profitability metrics could not be offset.
FreeCashflow & #Cash
Jumped from $1.42 bn. to $2.06 bn. (+45%). As a result, the cash balance increased from $22.2 bn. to $29.1 bn. (+31%). This demonstrates Tesla's ability to efficiently generate and utilize capital - even in challenging times!
Guidance
Despite the solid figures, the guidance for 2024 remains cautious. Expected lower growth rates in vehicle volume could cool growth, while the focus is on the next generation of vehicles (Model 2/A in 2025 for $25,000).
- Revenue +3% YoY to $25.2 bn ($0.6 bn miss) 🚨
- Gross margin 18% (-6pp YoY) 🚨
- Operating margin 8% (-8pp YoY)🚨
- Capex +24% Y/Y to $2.3 bn✅
- Free cash flow +45% YoY to $2.0 bn✅
- Non-GAAP EPS $0.71 ($0.03 miss)🚨
- Deliveries +20% YoY to 485k✅
Overall, #expectations from #analysts were narrowly missed, yet the long-term perspective for #Tesla remains exceptionally attractive. AI and robotics will increasingly come into focus.
Sales
Vehicle deliveries increased from 405,278 to 484,507, a 20% rise from Q4-2022 to Q4-2023. Elon Musk hinted in the conference call that Tesla's FY24 Volume growth "may be notably lower."
Revenue
Increased from $24.32 bn. to $25.2 bn. - a moderate growth of 3.6%. Despite increased deliveries, lower prices per vehicle & an unfavorable model mix (more lower-priced models) dampened the revenue increase.
Margin
Declined from 16% to 8.2% - here the price reductions & higher production costs due to the Cybertruck are evident. Operating income fell from $3.89 bn. to $2.06 bn. Another positive note is the increase in EBIT margin compared to Q3-2023 at 7.6% - the bottom has been passed!
EPS (Adjusted)
This fell from $1.19 to $0.71, a 40% decrease. Despite a one-time tax benefit of $1.56 per share (or $5.9 bn.), the decline in profitability metrics could not be offset.
FreeCashflow & #Cash
Jumped from $1.42 bn. to $2.06 bn. (+45%). As a result, the cash balance increased from $22.2 bn. to $29.1 bn. (+31%). This demonstrates Tesla's ability to efficiently generate and utilize capital - even in challenging times!
Guidance
Despite the solid figures, the guidance for 2024 remains cautious. Expected lower growth rates in vehicle volume could cool growth, while the focus is on the next generation of vehicles (Model 2/A in 2025 for $25,000).