Once again Tesla financial results for Q1 2021 were positive after the Californian company announced a big profit increase. Tesla, which manufactures pure electric cars and invests in battery technology as well as solar energy, had yet another quarterly positive account.
Tesla announced that its earnings totaled $438 million, or 39 cents per share, from $16 million or 2 cents per share in the corresponding quarter last year. On an adjusted basis for exceptional items, the company’s earnings amounted to 93 cents per share.
Sales rose 74% to $10.39 billion from $5.99 billion a year earlier. Analysts’ average estimates in a FactSet poll put adjusted earnings at 75 cents per share with sales of $10.48 billion.
“Our operating income improved in the first quarter compared to the corresponding period last year to $594 million, resulting in a 5.7% operating margin. This level of profit was achieved with the SBC charge attributed to the 2018 CEO award of $299 million in the first quarter due to increased market capitalization and a new business milestone.”
The company completed seven consecutive profitable quarters. Tesla’s stock lost 1.8% in online trading after the results were announced. The stock has gained 410% in the past 12 months compared with a rise of about 48% for the S&P 500 index.