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Tesla tops $1 billion in profit, delays Semi launch

Tesla Inc.’s profit topped $1 billion for the first time in the company’s history and its sales nearly doubled in the second quarter, blowing Wall Street expectations out of the water, but the stock barely rose above 1% after the company pushed back the launch of its commercial truck due to “limited availability of battery cells and global supply chain challenges.”

Tesla
TSLA,
+2.21%

said it earned $1.14 billion, or $1.02 a share, in the second quarter, compared with $104 million, or 10 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $1.45 a share, compared with 44 cents a share a year ago.

Revenue rose 98% to $11.96 billion, from $6.04 billion a year ago.

Analysts polled by FactSet expected Tesla to report adjusted earnings of 94 cents a share on sales of $11.51 billion for the quarter. The quarter marked the eighth GAAP, as well as adjusted quarterly, profit for the EV maker.

Tesla said it remained on track to build its first Model Y compact SUV in factories going up in Berlin and in Austin, Texas, this year, with the pace of the production ramp “influenced by the successful introduction of many new product and manufacturing technologies, ongoing supply-chain related challenges and regional permitting.”

“To better focus on these factories, and due to the limited availability of battery cells and global supply chain challenges, we have shifted the launch of the Semi truck program to 2022,” Tesla said in a letter to investors Monday.

Tesla said it is “making progress” in getting the Cybertruck, Tesla’s electric pickup truck, ready for sales, with production still planned for the Austin factory after the Model Y production.

Tesla reported a mixed first quarter in April, beating Wall Street expectations for adjusted profit but missing the sales forecast by a hair, with the company beset by parts shortages and other snags.

Tesla shares have lost about 6% this year, and are holding on to gains of about 133% for the past 12 months. That compares with an advance of around 18% and 37% for the S&P 500 index
SPX,
+0.24%

in these same periods.

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