From Nasdaq: 2024-11-22 11:31:09

Tesla’s stock has surged 30.4% since its last earnings report, outperforming the S&P 500. The recent positive trend may continue, with adjusted Q3 earnings beating estimates at 72 cents per share. Total revenues reached $25.18 billion, with 462,890 cars delivered globally in the quarter. Automotive gross profit rose to $4 billion.

Despite missing revenue estimates, Tesla’s automotive revenues were up 2% year over year. Energy Generation and Storage revenues exceeded expectations at $2.37 billion. The company achieved record gross margins in various segments, leading to a strong cash position of $33.6 billion at the end of Q3. Estimates for Tesla’s stock have been trending upward, earning it a Zacks Rank #1 (Strong Buy).

In contrast, Paccar, another player in the Automotive – Domestic industry, reported a 6.4% decrease in revenues in the last quarter. Earnings per share fell from $2.34 to $1.85 year over year. For the current quarter, Paccar is expected to post earnings of $1.67 per share, down 38.2% from the previous year. Paccar has a Zacks Rank #3 (Hold) and a VGM Score of B.

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Read more at Nasdaq: Tesla (TSLA) Up 30.4% Since Last Earnings Report: Can It Continue?