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.
电动汽车先驱特斯拉(Tesla)的股价下跌，此前该公司公布的业绩基本上超出了华尔街的预期，刚刚达到了投资者不断上升的预期。
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%.
股价在盘后交易中下跌0.9%，周三在常规交易中收涨约0.1%。标普500指数和道琼工业指数均上涨约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.
特斯拉公布的每股收益为1.86美元，销售额为137亿美元，超过了华尔街约1.67美元的预期，但低于139亿美元的销售额预期。特斯拉的盈利是创纪录的，也好于预期，但最近几周，在特斯拉10月2日公布了强于预期的第三季度交货量后，分析师的预期一直在上升--每股上涨约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.
该公司交付了约24.1万辆汽车，比分析师预测的大约多1万至1.5万辆。更重要的是，尽管半导体短缺限制了全球汽车生产，特斯拉还是设法比2020年第二季度多出了约4万辆汽车。
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.
特斯拉强劲的交货量已经提振了该股。从公布交付结果到周三，该公司股价上涨了约12%。纳斯达克综合指数同期上涨约4%。更重要的是，特斯拉股价在过去三个月上涨了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.
半导体和供应链的困境导致所有汽车制造商的成本上升。然而，毛利率接近27%，而2021年第二季度约为24%。尽管从监管信贷获得的现金较少，但汽车毛利率仍达到30.5%。现有工厂产量增加是提高利润率的一大原因。
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.
总体而言，这一结果看起来足够好，足以让股价几乎持平。多头可能希望创下新高，超过1月份创下的900.40美元，但可能需要等待更长时间才能看到9美元的股价。
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.
管理层将于东部时间5：30开始召开电话会议，讨论业绩。投资者和分析师将对特斯拉刚刚推出的新自动驾驶软件以及特斯拉在德克萨斯州和德国的两个新工厂的生产前景提出疑问。
Write to Al Root at allen.root@dowjones.com
写信给Al Root，地址是allen.root@dowjones.com
译文内容由第三方软件翻译。