Tesla (NASDAQ:TSLA) posted its Q4 and FY 2023 earnings report after markets closed today. The results, which were discussed in the Q4 and FY 2023 Update Letter, were released after the closing bell on Wednesday, January 24, 2024.
Tesla’s earnings come on the heels of yet another record quarter in production and deliveries. In the fourth quarter, Tesla produced 494,989 vehicles and delivered 484,507. For full year 2023, Tesla produced 1,845,985 vehicles and delivered 1,808,581.
The following is a quick overview of Tesla’s Q4 and FY 2023 earnings results.
REVENUE
In the fourth quarter, Tesla posted total revenues of $25.1 billion. In comparison, Tesla’s unified analyst consensus pointed to total revenues of $25.7 billion. Automotive revenues are at $21.5 billion versus analyst expectations of $21.7 billion.
For the full year 2023, total revenues were listed at $96.8 billion, with automotive revenues at $82.4 billion.
EARNINGS PER SHARE
Tesla’s non-GAAP earnings per share for the fourth quarter of 2023 was listed at $0.71. In comparison, Tesla’s unified analyst consensus expected the company to post non-GAAP earnings per share of $0.73. GAAP EPS is listed at $2.27 versus the Wall Street’s $0.59 estimate.
Non-GAAP earnings per share for full year 2023 was listed at $3.12, while GAAP EPS for FY 2023 was listed at $4.30.
PROFITABILITY
Tesla’s operating income decreased year-over-year to $2.1 billion in the fourth quarter, resulting in an 8.2% operating margin. Tesla notes that its operating income was impacted by a number of factors, such as a reduced vehicle ASP and the cost of the Cybertruck production ramp, among others.
Total GAAP gross margin for Q4 2023 was listed at 17.6%. For full year 2023, total GAAP gross margin was listed at 18.2%. Tesla also recorded a one-time non-cash tax benefit of $5.9 billion in the fourth quarter for the release of valuation allowance on certain deferred tax assets.
CASH
At the end of Q4 2023, Tesla’s cash equivalents and investments increased sequentially by $3 billion to $29.1 billion. This was driven by free cash flow of $2.1 billion and financing activities of $0.9 billion.
Tesla’s Q4 and FY 2023 Update Letter can be viewed below.
TSLA-Q4-2023-Update by Simon Alvarez on Scribd
This article is being updated.
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