Tesla is slated to report earnings tomorrow and, as FT notes, investors are bracing for the "worst results in 7 years" from the EV manufacturer.
Analysts predict that Tesla will post revenues of $22.3 billion for Q1, representing a year-over-year decline of 4.4%. This anticipated drop in revenue aligns with poor Q1 delivery data, where deliveries decreased by 8.5% year-over-year, marking the first annual decline in deliveries since 2020.
Expectations for Tesla's 2024 full year earnings are lower than those of 2023. Current forecasts by FactSet suggest Tesla's EPS will be $2.67 for 2024, reflecting a decrease of over 14% from the previous year's $3.12. Furthermore, since the close of 2023, consensus estimates for Tesla's 2024 EPS have decreased by 30%.
As we've noted, Tesla missed its Q1 delivery guidance and, so far in 2024, its stock has been decimated. For Q1 2024, Tesla produced over 433,000 vehicles and delivered 387,000. Tesla's exact delivery number for the quarter was 386,810 vehicles, far below Bloomberg estimates at the time of 449,080.