<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tesla (TSLA) reported top-line growth over last year and an unexpected profit, even after the coronavirus pandemic forced the company to temporarily halt operations at its flagship Fremont factory and dented demand among automakers across the board late in the quarter.” data-reactid=”16″>Tesla (TSLA) reported top-line growth over last year and an unexpected profit, even after the coronavirus pandemic forced the company to temporarily halt operations at its flagship Fremont factory and dented demand among automakers across the board late in the quarter.

Here were the main metrics expected from the report, compared to consensus estimates compiled by Bloomberg:

  • Adjusted earnings per share: $1.24 vs. loss of 37 cents per share expected and loss of $2.90 per share Y/Y

  • Revenue: $5.99 billion vs. $5.81 billion expected and $4.54 billion Y/Y

  • Free cash flow: -$895 million vs. -$604.4 million expected

“In Q1, we reached our highest ever revenue for a seasonally slower first quarter as our total revenue grew 32% [year over year],” the company said in a statement. “Sequentially, our revenue was mainly impacted by lower deliveries, driven primarily by limitations on our ability to deliver vehicles towards the end of the quarter.”

Tesla also noted that its average selling price declined further as demand shifted in favor of the company’s more affordable Model 3 and Model Y vehicles. Still, Tesla’s automotive gross margin improved to 25.5% in the first quarter, versus 22.8% over last year. The Model Y, which was delivered for the first time in the first quarter, contributed to profitability, “which is the first time in our history that a new product has been profitable in its fits quarter,” Tesla said.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As has been the case for many automakers, Tesla rolled back domestic production as widespread stay-in-place orders across the country forced residents to avoid most workspaces. Tesla suspended production at its Fremont factory starting at the end of the day March 23 and temporarily halted non-essential work at its New York factory, where the company produces its solar roof tiles. Tesla also announced it would be implementing “touchless deliveries” at many of its locations in effort to facilitate purchases even with social distancing measures in place.” data-reactid=”24″>As has been the case for many automakers, Tesla rolled back domestic production as widespread stay-in-place orders across the country forced residents to avoid most workspaces. Tesla suspended production at its Fremont factory starting at the end of the day March 23 and temporarily halted non-essential work at its New York factory, where the company produces its solar roof tiles. Tesla also announced it would be implementing “touchless deliveries” at many of its locations in effort to facilitate purchases even with social distancing measures in place.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Investors will be monitoring Tesla’s call with analysts Wednesday afternoon for signs of when production at the company’s Fremont and New York facilities could resume, especially after a string of counties in the San Francisco Bay Area extended their shelter-in-place orders through the end of May earlier this week. Ahead of earnings results, CEO Elon Musk said in a Twitter post to “FREE AMERICA NOW” as major metropolitan areas across the country remain under stay-in-place orders.” data-reactid=”25″>Investors will be monitoring Tesla’s call with analysts Wednesday afternoon for signs of when production at the company’s Fremont and New York facilities could resume, especially after a string of counties in the San Francisco Bay Area extended their shelter-in-place orders through the end of May earlier this week. Ahead of earnings results, CEO Elon Musk said in a Twitter post to “FREE AMERICA NOW” as major metropolitan areas across the country remain under stay-in-place orders.

Even amid the late-quarter disruptions, Tesla posted better-than-expected first-quarter vehicle deliveries, suggesting the company entered the pandemic period from a position of strength. The first quarter was the first to include deliveries of Model Y crossover SUVs and also encompassed Tesla’s recently ramped up production at the Shanghai Gigafactory in China.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Unlike peer U.S. automakers General Motors, Ford and Fiat Chrysler, Tesla reported first-quarter vehicle deliveries that increased over last year. First-quarter deliveries totaled 88,400 for the first three months of the year, up 40% over the same period in 2019. However, the deliveries were down over the prior quarter.” data-reactid=”29″>Unlike peer U.S. automakers General Motors, Ford and Fiat Chrysler, Tesla reported first-quarter vehicle deliveries that increased over last year. First-quarter deliveries totaled 88,400 for the first three months of the year, up 40% over the same period in 2019. However, the deliveries were down over the prior quarter.

HANGZHOU, CHINA - APRIL 21: A Tesla logo is seen at a Tesla store on April 21, 2020 in Hangzhou, Zhejiang Province of China. (Photo by Long Wei/VCG via Getty Images)HANGZHOU, CHINA - APRIL 21: A Tesla logo is seen at a Tesla store on April 21, 2020 in Hangzhou, Zhejiang Province of China. (Photo by Long Wei/VCG via Getty Images)
HANGZHOU, CHINA – APRIL 21: A Tesla logo is seen at a Tesla store on April 21, 2020 in Hangzhou, Zhejiang Province of China. (Photo by Long Wei/VCG via Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In January, Tesla said it believed full-year deliveries would “comfortably exceed 500,000.” However, many analysts assume that given the coronavirus developments across the globe, expectations will need to be pared back. Tesla did not provide a new 2020 deliveries outlook in its early April production and deliveries report for the first quarter.” data-reactid=”41″>In January, Tesla said it believed full-year deliveries would “comfortably exceed 500,000.” However, many analysts assume that given the coronavirus developments across the globe, expectations will need to be pared back. Tesla did not provide a new 2020 deliveries outlook in its early April production and deliveries report for the first quarter.

Despite the coronavirus-induced challenges for the auto industry as a whole, Tesla’s stock has remained resilient for the year to date. Shares have risen 91% since the start of 2020 for the best performance in the Nasdaq 100.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This post is breaking. Check back for updates.” data-reactid=”43″>This post is breaking. Check back for updates.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Emily McCormick is a reporter for Yahoo Finance.&nbsp;Follow her on Twitter: @emily_mcck” data-reactid=”45″>Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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