Tesla will report Q4 results after the bell -- Deliveries were preannounced; most analysts have yet to include SolarCity in their models. Tesla (TSLA) will report Q4 results after the bell and host a call at 16:30. This will be Tesla's first report as an integrated clean energy company.
Tesla acquired solar energy company SolarCity in November so the quarter will be especially hairy with a portion of SolarCity's results. At the same time, many analysts are waiting on this report for some guidance and have not included SolarCity into their models yet.
The Street is looking for non-GAAP EPS of ($0.53) vs. ($0.87) last year with revenue +25% to $2.19 bln.
On January 3, Tesla preannounced 22.K Q4 deliveries, of which 12,700 were Model S and 9,500 were Model X. Tesla guided for just over 25K deliveries in late October.
Missing delivery targets has become the norm for Tesla. FY16 production and delivers came in at 83.9K and 76.2K, respectively. Tesla guided for 80-90K deliveries on year ago.
RBC estimates 109.5K deliveries for FY17 with an auto gross margin approaching 29%.
THE STOCK IS UP ~50% SINCE THE COMPANY CLOSED THE SOLARCITY ACQUISITION -- YOU KNOW, THE DEAL THAT MADE EVERYONE THINK TSLA WAS AN EVEN MORE ATTRACTIVE SHORT. (IDIOT GURUS)
Tesla has a market cap of ~$44 billion and trades at just over 4x FY17 sales with ~27% of the float sold short. Note Ford (F) and GM (GM) have market caps of $50 and $57 bln, respectively, and both trade at 0.4x sales.
Technically, Tesla is sitting at a triple top on the weekly, flagging in a bull flag on the monthly, and at resistance on the daily. The all time high is at 291ish and above that the demand will spark again.