Tesla's 1Q Plagued by Delivery Issues, but We Expect Improvement Throughout 2019
We expect Tesla's first-quarter loss to be the low point for 2019, and we see no reason to change our fair value estimate. Adjusted diluted EPS of negative $2.90 badly missed consensus of negative $0.69. Revenue grew 33% year over year but fell 37% from the fourth quarter, missing consensus, due to Tesla's previously disclosed sequential delivery decline of 31%. We reiterate our April 4 note comments: For now we are giving Tesla the benefit of the doubt that the first-quarter deliveries were a f...Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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