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(Sharecast News) - Electric carmaker Tesla posted firstquarter earnings after the close on Wednesday that came in ahead of expectations, although revenue fell short as the firm continued to face pressure on its core automotive business.
Tesla reported earnings of $0.41 per share, above the $0.37 forecast by economists, and generated positive free cash flow in the period. However, revenues of $22.39bn, up 16% year-on-year, fell short of consensus estimates of $22.6bn, even as Tesla said demand for its vehicles was improving, with auto revenues up 16% to $16.2bn.
In its energy unit, Tesla booked $2.41bn in revenue, down 12% from $2.73bn at the same time a year earlier.
Net income grew to $477m, or $0.13cents a share, up from $409m, or $0.12 a share, a year earlier, while Tesla's automotive gross margins for the quarter came in at 19.2% - better than in any quarter in the prior year.
Capital expenditures surged 67% to $2.49bn, with chief financial officer Vaibhav Taneja also warning that capex will top $25bn this year, up from $8.6bn in FY25.
As of 0845 BST, Tesla shares were down 2.44% in pre-market action at $379.84 each.
Reporting by Iain Gilbert at Sharecast.com
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