Tesla Tops Q1 Estimates With Profit Gain and Surprise Cash Flow

Overview

• Tesla reported $477 million in net income on about $22.4 billion in revenue, beating FactSet forecasts as adjusted earnings per share reached $0.41, and shares rose 3.4% after the release.
• Free cash flow came in at $1.44 billion versus LSEG expectations for a cash outflow, giving Tesla room to pursue an investment plan of more than $20 billion this year.
• The company built 408,400 vehicles and delivered 358,000, up about 13% and 6% year over year, though deliveries fell short of some Wall Street targets.
• Capital spending totaled $2.49 billion, which was up 67% from a year earlier but below some analyst estimates of roughly $4.33 billion.
• Tesla expanded driverless taxi service from its Austin pilot to Dallas and Houston, and said it is preparing to start volume production of the Cybercab, a steering‑wheel‑free robotaxi, this year.