Electric vehicle manufacturer Tesla Inc!. is estimated to report 2020 first quarter earnings before end of month.
Tesla remains world most valuable smart electric vehicle manufacturer, with a market capitalization just little below $100 billion.
Tesla First Quarter Earnings Report
Tesla, Inc. is estimated to report earnings on 04/22/2020. The consensus EPS forecast for the quarter is $-0.99.
Analysts expects Tesla to earning per share of about $-0.99, which means losses. The high EPS forecast is $0.18 and a Low EPS forecast is $-2.88 for worse case scenario.
Coronavirus Covid-19 Pandemic
Coronavirus Covid-19 pandemic has crippled more than half of the world economy, with some experts saying we are now officially in a global depression.
China, the ground zero of the pandemic, is almost back in business fully, after shutting down most of its cities for over 4 weeks to prevent further spread of the virus.
Tesla Shanghai was only closed for about a week in February during the Chinese holiday, but has since been operating almost at full capacity.
Historically, Tesla has reported quarterly deliveries sometime during the first week after the end of the latest quarter, but due to the ongoing pandemic, it’s been postponed to end of month.
On March 23rd, Tesla started to close manufacturing plant doors in Fremont, California, in an effort to slow the spread of Covid-19.
Numbers Of Vehicles Delivered By Tesla In Q1 2020
Analysts expects Tesla to deliver about 82,000 cars in 2020 first quarter, according to consensus.
Popular Tesla analyst Wedbush’ Daniel Ives downgraded his price target to $425 from $710, with a Hold rating.
“With consumers in a virtual lockdown facing a once-in-a-century outbreak focusing on their health, food, and flattening the curve, buying a new Model 3 and other auto purchases is very low on the priority list,”Daniel Ives
Tesla Is Sitting On Enough Cash
Before the coronavirus outbreak, Tesla raised about $2.3 billion from stock offering. This puts Tesla in a solid position after it generated $1.1 billion in free cash flow in the fourth quarter of 2019 alone, and it finished the year with $6.3 billion in the bank.
“We believe this level of liquidity is sufficient to successfully navigate an extended period of uncertainty,” – Tesla.Tesla
Three days ago, Piper Sandler analyst Alexander Potter lowered the price target on Tesla to $820.00 (from $928.00) while maintaining a Overweight rating. This is still a solid upside price swing in the middle of this historical ongoing pandemic.
What do you guys think about the upcoming Q1 ER?, will Tesla make it or break it?.