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Tesla Surpasses Q3 Earnings Estimates with $0.72 EPS; Shares Jump 7%

Oct 23, 2024, 08:12 PM

Tesla Inc. reported its third-quarter 2024 financial results, surpassing Wall Street estimates on earnings per share while slightly missing on revenue. The company posted adjusted earnings per share of $0.72, exceeding analysts' expectations of $0.58 or $0.60. Revenue came in at $25.18 billion, just below the expected $25.37 billion or $25.43 billion. Operating income was $2.72 billion, with an operating margin of 10.8%. Net income (GAAP) reached $2.176 billion. Gross margin improved to 19.8%, higher than the estimated 16.8%. Free cash flow surged to $2.74 billion, significantly above the estimated $1.61 billion, and operating cash flow was $6.3 billion. Tesla's automotive revenue increased 2% year-over-year to $20.02 billion. The company expects slight growth in vehicle deliveries in 2024. Tesla's energy generation and storage business saw revenue grow 52% year-over-year to $2.38 billion, achieving a record gross margin of 30.5%. The company anticipates its energy storage deployments to more than double year-over-year in 2024. Tesla announced plans to launch new, more affordable vehicle models in the first half of 2025. Tesla shares rose over 7% in after-hours trading following the earnings release.