Tesla Q4 2021 Earnings Report Recap

TSLA beat on earnings and revenue

Key Takeaways

  • Vehicle deliveries, reported earlier this month, were 308,600 for Q4 FY 2021.
  • Higher vehicle deliveries indicate increasing demand for Tesla's main source of revenue as well as the company's ability to scale production.
  • Tesla said that its factories have been running below capacity for several quarters due to global supply chain challenges.
Tesla Earnings History
Metric Beat/Miss/Match Reported Value Analysts' Prediction
Adjusted EPS Beat $2.54 $2.33
Revenue Beat $17.7B $16.8B
Vehicle Deliveries N/A 308,600 N/A

Source: Predictions based on analysts' consensus from Visible Alpha

Tesla (TSLA) Financial Results: Analysis

Tesla, Inc. (TSLA) reported Q4 FY 2021 earnings results that beat analysts' expectations. Adjusted earnings per share (EPS) surpassed estimates, rising 217.5% year over year (YOY). Revenue also came in above analyst forecasts, rising 64.9% YOY. Tesla's vehicle deliveries for the quarter, which it reported earlier this month, came in at 308,600. The company's shares fell as much as 5% in post-market trading. Over the past year, Tesla's shares have provided a total return of 6.3%, below the S&P 500's total return of 13.0%.

TSLA Vehicle Deliveries

Tesla's vehicle deliveries, which rose 70.9% YOY, were one of the primary drivers of the company's revenue growth for the quarter. The electric vehicle (EV) maker's annual vehicle deliveries for FY 2021 rose 87.4%, surpassing the company's goal of 50% growth for the year. Tesla's primary business is making electric vehicles, and it needs to continue expanding production in order to grow revenue and profits.

Ongoing challenges in global supply chains limited its ability to run its factories at full capacity. "Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022," the company said.

Tesla plans to continue increasing its manufacturing capacity in order to allow for ongoing vehicle production and deliveries. The company began producing Model Y vehicles at its Gigafactory in Texas in late 2021. It is also in the process of finalizing its manufacturing permit from local authorities for the new factory it has been building in Germany. Tesla aims to achieve 50% average annual growth in vehicle deliveries over a multi-year horizon.

Tesla Earnings Call Recap

On a call with analysts after earnings were announced, Chief Executive Officer (CEO) Elon Musk said that he expects Tesla to remain “chip-limited” in 2022, and that Tesla would introduce no new vehicle models this year as a result. On the call, executives made projections for revenue growth “comfortably above 50% in 2022.”

Tesla's next earnings report (for Q1 FY 2022) is expected to be released on April 25, 2022.

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