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A month has gone by since the last earnings report for Tesla Inc. TSLA. Shares have added about 15.2% in that time frame, outperforming the market.
Will the recent positive trend continue leading up to the stock’s next earnings release, or is it due for a pullback? Before we dive into how investors and analysts have reacted of late, let’s take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Tesla Q1 Loss Wider, Focus on Infrastructure Growth
Tesla’s adjusted loss was of $1.97 per share in the first quarter of 2017, compared with an adjusted loss of $1.24 in the year-ago quarter. Moreover, the loss was wider than the Zacks Consensus Estimate of a loss of $0.67.
The reported net loss in the quarter was $330.3 million or $2.04 per share compared with the year-ago loss of $282.3 million or $2.13 respectively.
Revenues more than doubled year over year to $2,696.3 million from $1,147 million recorded in first-quarter 2016. The figure also surpassed the Zacks Consensus Estimate of $2,561 million.
Tesla delivered record 25,051 cars in the reported quarter, up 13% from fourth-quarter 2016 and about 69% year over year. Additionally, about 4,650 vehicles were in transit to customers, slated to be delivered in the second quarter of 2017. The company manufactured record 25,418 vehicles in the first quarter, up 64% year on year.
Revenues from Automotive sales rose to $2.29 billion in the quarter from $1.03 billion a year ago.
Energy generation and storage revenues surged from $22.7 million in first-quarter 2016 to $213.9 million in the reported quarter.
Services and Other revenues surged 96% to $192.7 million from $98.3 million in the year-ago quarter.
Tesla’s first-quarter gross margin was 24.8%. Adjusted automotive gross margin was 27.8% in the quarter, up 560 basis points (bps) from the fourth quarter due to improved average transaction prices and manufacturing efficiencies.
Energy generation and storage gross margin rose 2,640 bps sequentially to 29.1% in the quarter. The surge in gross margin was driven by improved energy storage margins, sale of energy credits as well as higher production of solar energy. In the quarter, service and other gross margin fell 300 bps sequentially to a decline of 11%.
Financial Position
Tesla had cash and cash equivalents of $4 billion as of Mar 31, 2017, compared with $3.39 billion as of Dec 31, 2016. Long-term debt totaled $8.16 billion as of Mar 31, 2017, compared with $7.15 billion as of Dec 31, 2016.
Cash used in operating activities amounted to $69.8 million in the first quarter as against outflows of $249.6 million a year ago. Capital expenditures increased to $552.6 million from $216.9 million in the year-ago quarter.
Business Expansion
Tesla is expanding its vehicle charging network. The company aims to at least double its Supercharger locations globally in 2017 to over 10,000. To supplement the Superchargers, Tesla aims to increase the number of Destination Charging connectors globally as well to 15,000 in 2017. These chargers offer easy charging at hotels, malls as well as restaurants. The company plans to add almost 100 retail, delivery and service locations globally, representing a 30% increase in facilities in the year. This includes the first stores opened in Dubai and South Korea in the quarter. Tesla plans to establish delivery hubs in other cities as the existing delivery hubs at the centers have increased delivery levels.
Tesla also aims to improve customer experience with out-of-warranty body repairs. For this, the company intends to open the first Tesla-owned body repair shop later this year and expand the existing network of third-party Tesla-certified body shops. Moreover, over 100 mobile repair trucks are also expected to be added in second-quarter 2017.
Model 3 Update
Tesla has almost completed the development of Model 3 vehicles. The company is set to begin production in Jul 2017. The company aims to steadily increase production to 5,000 units per week in 2017 and 10,000 vehicles per week in 2018. Equipment is also being installed for volume production of cells, modules, battery packs and drive units at Gigafactory 1 to support the Model 3.
Outlook
Tesla expects to see advancement in its transport, energy generation and storage product lines.
The company continues to target 47,000-50,000 vehicle deliveries in the first half of 2017, representing 61-71% growth year over year. It will provide guidance for the second half after the production of Model 3 is underway as it can drastically impact deliveries.
In second-quarter 2017, the company expects adjusted automotive gross margin to decline 250 bps sequentially, due to the absence of a one-time benefit received in the first quarter as well as changes in the product mix. However, Model S and Model X vehicle costs are expected to decline each quarter due to better manufacturing efficiencies. Second-quarter operating expenses are expected to be flat or moderately up sequentially due to Model 3 development and expansion of infrastructure.
Tesla is also focused on profitability and cash preservation in the energy generation and storage business, which is expected to grow significantly this year. The company remains focused on generating $500 million cash by 2019 and achieve the expected synergies from the acquisition of SolarCity.
Tesla expects capital expenditure in the year to be slightly over $2 billion prior to the commencement of the Model 3 production. The company also expects additional investments in the year to support increased automation development and production capacity.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last one month period as none of them issued any earnings estimate revisions.
Tesla Inc. Price and Consensus
VGM Scores
At this time, Tesla’s stock has a poor Growth Score of ‘F’. However, its Momentum is doing a bit better with a ‘D’. The stock was allocated a grade of ‘F’ on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of’ F’. If you aren’t focused on one strategy, this score is the one you should be interested in.
Our style scores indicate investors will probably be better served looking elsewhere.
Outlook
The stock has a Zacks Rank #4 (Sell). We expect below average returns from the stock in the next few months.
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Tesla Inc. (TSLA): Free Stock Analysis Report
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Zacks Investment Research
June 07, 2017 at 04:48PM
from Zacks Equity Research
It has been about a month since the last earnings report for Wright Medical Group N.V. WMGI. Shares have lost about 3.1% in that time frame, underperforming the market.
Will the recent negative trend continue leading up to the stock’s next earnings release, or is it due for a breakout? Before we dive into how investors and analysts have reacted of late, let’s take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Wright Medical Posts Wider-than-Expected Loss in Q1
Wright Medical reported adjusted loss of $0.09 per share in the first quarter of 2017, wider than the Zacks Consensus Estimate of a loss of $0.08.
However, loss narrowed by $0.03 on a year-over-year basis.
Net sales in the first quarter totaled $177 million which was below the consensus mark of $182 million.
Meanwhile, in three of the last four quarters, the company posted positive earnings surprises, the average being 20.4%. Currently, the stock has a Zacks Rank #4 (Sell).
Q1 Highlights
Wright Medical launched PERFORM Reversed Glenoid Shoulder System in the quarter, a significant addition to its Upper Extremities portfolio.
The company’s flagship platforms – SIMPLICITI and ASCEND FLEX shoulder systems – recorded considerable growth and also hold promise.
Notably, the INFINITY total ankle replacement system and SALVATION limb salvage system (for treating Charcot foot) boosted Wright Medical’s trajectory in the first quarter.
Quarter in Detail
Wright Medical currently reports revenues under the Total Extremities & Biologics segment.
Consolidated sales at the segment in the U.S. increased 6.1% from the year-ago quarter to almost $132.2 million. Internationally, sales in the extremities and biologics business were up 0.6% year over year to $45 million, driven by strong growth in the Canadian and Australian markets.
Total Extremities & Biologics include four sub-segments, namely, Lower Extremities, Upper Extremities, Biologics and Sports Med & Other.
Lower Extremities: Sales at the segment decreased 2.4% on a year-over-year basis to $69.1 million in the quarter.
The U.S. lower extremities business sales increased 0.3% in the first quarter. However, the business faced revenue dis-synergies of around 5% in the quarter.
Internationally, lower extremities sales fell 12.2% on a year-over-year basis.
Upper Extremities: Sales at the segment jumped 10.4% on a year-over-year basis to $78.3 million in the quarter under review.
The U.S. upper extremities business grew 11.9% on a year-over-year basis, courtesy of continued strength in the company’s shoulder portfolio. With the addition of PERFORM Reverse, the company forecasts solid growth at the segment, specifically in the back half of the year. Wright Medical also plans for additional rollout of PERFORM Reverse sets going ahead.
Upper extremities sales increased 6.9% on a year-over-year basis internationally.
Biologics: Sales at the segment rose 11.6% on a year-over-year basis to $23.8 million in the quarter.
The U.S. biologics business grew 8.8% to $18.6 million in the quarter. Per management, growth at the segment lagged expectations due to sluggish sales performance by the company’s flagship AUGMENT Bone Graft platform.
Sales at the segment grew a notable 23.2% internationally on a year-over-year basis.
Sports Med & Other: Sales at the segment dropped 4.3% to $5.9 million from the year-ago quarter.
The U.S. sports med & other segment sales declined 1.7% and 5.7% internationally in the first quarter.
Margin Details
Adjusted gross margin, as a percentage of revenues, is pegged at 79.4% for the quarter, a contraction of roughly 90 basis points (bps) on a year-over-year basis.
Selling, general and administrative expenses accounted for 72% of total revenues in the first quarter, totaling $129.8 million, a contraction of 140 bps from the year-ago quarter.
Notably, expenses on Research and Development (R&D) were $12.4 million in the first quarter, almost flat on a year-over-year basis.
Guidance
Wright Medical reiterated its full-year guidance.
The company continues to expect net sales for full-year 2017 in the band of $755 million to $765 million, representing growth of 9% to 11%. This includes a negative impact from foreign currency exchange of approximately 2%. Notably, the midpoint of the net sales guidance represents constant currency growth of approximately 13%.
The company forecasts full-year 2017 adjusted EBITDA from continuing operations in the range of $78.5 million to $85.5 million.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last one month period as none of them issued any earnings estimate revisions.
Wright Medical Group N.V. Price and Consensus
VGM Scores
At this time, Wright Medical’s stock has a strong Growth Score of ‘A’, though it is lagging on the momentum front with a ‘D’. Charting a similar path, the stock was allocated a grade of ‘D’ on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of ‘C’. If you aren’t focused on one strategy, this score is the one you should be interested in.
The company’s stock is suitable solely for growth investors based on our style scores.
Outlook
Notably, the stock has a Zacks Rank #3 (Hold). We expect in-line returns from the stock in the next few months.
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Wright Medical Group N.V. (WMGI): Free Stock Analysis Report
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Zacks Investment Research
June 07, 2017 at 04:48PM
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IRVINE, Calif.–(BUSINESS WIRE)–$OPB #GrowthEquity–Opus Bank (“Opus”) (NASDAQ: OPB) announced today that its bank-sponsored SBIC Fund, Opus Equity Partners, has made a growth equity investment in Destination Pet, LLC (“Destination Pet”), a leading provider of a broad array of pet care services. Destination Pet is focused on the acquisition and buildout of top-quality pet facilities to provide pet owners with superior care by utilizing a one-stop location that includes boarding, daycare, grooming, training, and v
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