Tesla Earnings Were Great. Why the Stock Is Dropping. -- Barrons.com
Tesla Earnings Were Great. Why the Stock Is Dropping. -- Barrons.com
Al Root
Al根
Stock in electric vehicle pioneer Tesla was falling after the company reported results that largely beat Wall Street projections -- and just met rising investor expectations.
電動汽車先驅特斯拉(Tesla)的股價下跌，此前該公司公佈的業績基本上超出了華爾街的預期，剛剛達到了投資者不斷上升的預期。
Shares were off 0.9% after-hours trading after closing up about 0.1% in regular trading Wednesday. The S&P 500 and Dow Jones Industrial Average both rose about 0.4%.
股價在盤後交易中下跌0.9%，週三在常規交易中收漲約0.1%。標普500指數和道瓊工業指數均上漲約0.4%。
Tesla reported $1.86 in per-share earnings from $13.7 billion in sales, beating Wall Street's estimate for about $1.67 a share but missing its forecast for $13.9 billion in sales. Earnings are a record, and better than expected, but analyst estimates have been rising -- by about 20 cents a share -- in recent weeks after Tesla reported stronger than expected third-quarter unit deliveries on October 2.
特斯拉公佈的每股收益為1.86美元，銷售額為137億美元，超過了華爾街約1.67美元的預期，但低於139億美元的銷售額預期。特斯拉的盈利是創紀錄的，也好於預期，但最近幾周，在特斯拉10月2日公佈了強於預期的第三季度交貨量後，分析師的預期一直在上升--每股上漲約20美分。
The company delivered about 241,000 vehicles, roughly 10,000 to 15,000 more than analysts projected. What's more, Tesla managed to ship about 40,000 more vehicles than it did in the second quarter of 2020 despite the semiconductor shortage that has constrained global auto production.
該公司交付了約24.1萬輛汽車，比分析師預測的大約多1萬至1.5萬輛。更重要的是，儘管半導體短缺限制了全球汽車生產，特斯拉還是設法比2020年第二季度多出了約4萬輛汽車。
Tesla's strong deliveries had already boosted the stock. Its shares had gained about 12% between reporting delivery results and Wednesday. The Nasdaq Composite Index is up about 4% over the same span. What's more, Tesla stock is up 31% over the past three months.
特斯拉強勁的交貨量已經提振了該股。從公佈交付結果到週三，該公司股價上漲了約12%。納斯達克綜合指數同期上漲約4%。更重要的是，特斯拉股價在過去三個月上漲了31%。
The semiconductor and supply chain woes have led to higher costs for all auto makers. Gross profit margins, however, came in at almost 27% compared with about 24% in the second quarter of 2021. Automotive gross profit margins hit 30.5% despite receiving less cash from regulatory credits. Higher volumes out of existing plants is a big reason for improving profit margins.
半導體和供應鏈的困境導致所有汽車製造商的成本上升。然而，毛利率接近27%，而2021年第二季度約為24%。儘管從監管信貸獲得的現金較少，但汽車毛利率仍達到30.5%。現有工廠產量增加是提高利潤率的一大原因。
Overall, the result looks good enough to keep shares just about flat. Bulls might have hoped for a new high, eclipsing $900.40 set back in January, but might have to wait a little longer to see a $9 in front of the stock price.
總體而言，這一結果看起來足夠好，足以讓股價幾乎持平。多頭可能希望創下新高，超過1月份創下的900.40美元，但可能需要等待更長時間才能看到9美元的股價。
Management hosts a conference call beginning at 5:30 Eastern time to discuss results. Investors and analysts will have questions about the new autonomous driving software the company just rolled out as well as the outlook for production from Tesla's two new facilities in Texas and Germany.
管理層將於東部時間5：30開始召開電話會議，討論業績。投資者和分析師將對特斯拉剛剛推出的新自動駕駛軟件以及特斯拉在德克薩斯州和德國的兩個新工廠的生產前景提出疑問。
Write to Al Root at allen.root@dowjones.com
寫信給Al Root，地址是allen.root@dowjones.com
譯文內容由第三人軟體翻譯。