After record sales of its electric cars at the end of 2019, Tesla released its financial results for the fourth quarter of last year on Wednesday after the US market closed. For the second time in a row, Tesla made a profit – it was $ 2.14 per share after adjustment and thus significantly higher than expected by analysts on average. Turnover reached $ 7.38 billion and also exceeded expectations on the stock exchange.
Immediately after the publication of the Q4 figures, the share reacted with another price jump after it had already increased in regular trading. With an increase of around 6 percent, it hit the $ 600 mark with momentum.
In his release, Tesla described 2019 as a “turning point”. Free cash flow of $ 1.1 billion was achieved for the full year. The company also announced that the start of production for the new Tesla Model Y started in January. On the Tesla website for the USA, delivery from March 2020 for the electric crossover is displayed and the range is given as 315 miles. For Germany, Tesla continues to mention the start of delivery at the beginning of 2021.
According to the official US GAAP accounting guidelines, Tesla’s fourth quarter profit was $ 105 million, compared to $ 143 million in the previous quarter. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITA) were $ 1.175 billion, approximately $ 100 million more than in the third quarter.
Tesla also reported a new record for its storage systems business. In the last quarter, 530 megawatt hours were installed, more than ever before. Tesla’s growth in the photovoltaic business was 26 percent compared to the previous quarter.
In a summary of the results, Tesla highlighted consistent cost control, faster implementation, and strong demand for its electric cars. For most of 2019, almost all orders came from new customers who hadn’t previously reserved a Tesla.
Tesla forecast well over 500,000 deliveries for the current year. Due to the start of production of the Model Y and the additional production in the new Gigafactory in China, production is expected to exceed deliveries. For photovoltaic and storage business, Tesla promised an increase in installations of at least 50 percent.
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