Electric vehicle maker Tesla (TSLA) is set to report its first quarter 2023 earnings after the market closes today, with a conference call scheduled to follow at 5:30 p.m. E.T.
The company's earnings report is expected to be posted on its Investor Relations page at about 4:05 p.m. followed by a press release.
Analysts are expecting TSLA to report an earnings per share (EPS) of $0.85 and revenue of $23.36 billion for the quarter. If TSLA meets these expectations, it would mean a YoY EPS decline of 74%, but an increase in revenue of 24.5%.
Over the past year, TSLA has cut prices six times, with the most recent cut being a reduction of $3,000 on each version of its Model Y SUV and almost 5% on the base Model 3. TSLA's pricing strategy has been successful in sparking demand for its vehicles, with Q1 2023 deliveries reaching a new record of 422,875, up 36% YoY. However, the big question heading into this earnings report is how much of an impact those price cuts have had on TSLA's automotive gross margin.
CFO Zachary Kirkhorn has stated that FY23 automotive gross margin should remain above 20%, with ASPs in the high $40,000 range.
TSLA's annual production guidance will also be closely monitored, CEO Elon Musk revealed that internal projections are targeting production closer to 2.0 million vehicles, which would mean YoY growth of 46%.
TECHS:
TSLA has outperformed analysts' expectations in seven of the past eight quarters.
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