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Tesla posts record deliveries, profits, sales beat
Tesla predicted to report strong quarterly earnings
Oppenheimer & Co. senior research analyst Colin Rusch and Barron’s senior special writer Allen Root discuss their predictions for Tesla’s quarterly earnings and China business.
Tesla scored a basket of new records, including a total of 184,877 vehicles in the first quarter, despite supply chain challenges and the transition to the new Model S and Model X.
The Model 3 and S accounted for 182,847 of those deliveries, while the Model S and X accounted for 2,030 deliveries. The announcement comes after Tesla reported first-quarter vehicle deliveries that set a record at 184,800 earlier this month.
Additionally, the electric vehicle maker, reported record net income of $0.93, while total revenue grew 74% year-over-year to $10.3 billion, with about $518 million in automotive revenue coming from sales of regulatory credits. Both top and bottom line exceeded analyst estimates.
Tesla expects the first deliveries of its Model S to be "very shortly" and noted that Model Y production in Shanghai continues to ramp up. The company also noted that its making progress on its two new factories in Berlin and Texas.
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European Economics Preview: UK Labor Market Data Due
Labor market data from the UK is due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK labor market data for February. The jobless rate is forecast to rise to 5.1 percent in three months to February from 5 percent in the preceding period.
In the meantime, Destatis is slated to issue Germany’s producer prices for March. Inflation is seen rising to 3.3 percent from 1.9 percent in February.
At 3.00 am ET, the Czech Statistical Office publishes producer prices for March. Economists forecast producer prices to climb 2.6 percent on year, following a 1.4 percent rise in February.
At 5.00 am ET, current account data for February is due from Italy. The surplus totaled EUR 710 million in January.
Simpson Manufacturing Q1 Profit Rises
Simpson Manufacturing Co., Inc. (SSD) reported first-quarter net income of $50.4 million or $1.16 per share, compared to profit of $36.8 million or $0.83 per share last year.
Net sales for the quarter was $347.6 million, up 22.6% from $283.7 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share and revenues of $313.83 million for the quarter. Analysts’ estimates typically exclude special items.
CEO Karen Colonias said, “Our net sales grew 22.6% year-over-year to $347.6 million on significantly higher sales volume driven by ongoing momentum in the home center distribution channel where sales increased over 60% year-over-year due to higher activity in the repair and remodel space along with the return of Lowe’s as a home center customer in the second quarter of 2020.”
Colonias also said that sales growth were further driven by solid U.S. housing starts and strong demand trends in Europe.
J & J Snack Foods Q2 Profit Down
J & J Snack Foods Corp. (JJSF) Monday reported second-quarter profit of $6.1 million or $0.32 per share, down from $7.3 million or $0.38 per share last year.
Sales decreased 6% to $256.2 million from $272.0 million in last year’s second quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share and revenues of $240.27 million for the quarter. Analysts’ estimates typically exclude special items.
China Maintains Benchmark Lending Rates
China kept its benchmark lending rates unchanged, as widely expected, on Tuesday.
The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.
The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points last April.
Markets have expected the rates to remain on hold today as the People’s Bank of China had kept the rate on its medium-term lending facility unchanged early this month.
The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.
“Given that official efforts to rein in credit are being achieved by other means, we do not expect any changes to policy rates in the coming months,” Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.
With the economy doing well, policymakers are now focused on tackling financial risks, they noted.
Even in the absence of rate hikes, tighter credit conditions will become an increasing headwind to economic activity over the coming quarters, the economists added.
A Surprise Ending for the Oscars’ Inclusive Night
Six years after #OscarsSoWhite, a diverse roster of artists won awards, though Anthony Hopkins’ winning best actor over Chadwick Boseman surprised many.
By Nicole Sperling and Brooks Barnes
