Tesla Motors, Inc. (TSLA) Resistance, pivot & Support Levels – 5/8/2014
Resistance levels:
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- Tesla (TSLA) produced 7,535 Model S units in Q1, up from Q4's 6,587 and above guidance of 7,400. The company delivered 6,457 units, slightly above guidance of 6,400 but below Q4's 6,892.
- Tesla expects to produce 8.5K-9K Model S units in Q2, and to deliver 7,500. Leases are only expected to account for ~200 deliveries due to lead times.
- Gross margin was 25.4%, +20 bps Q/Q in spite of a $2M reserve for underbody shield retrofits. GM is expected to improve slightly Q/Q in Q2, and to reach 28% in Q4.
- SG&A spend rose 150% Y/Y to $117.6M, R&D spend rose 17% Q/Q and 48% Y/Y to $81.5M. SG&A is expected to grow 15% Q/Q, and R&D 30%.
- Operating cash flow was $61M, and capex totaled $141M. The full-year capex forecast is still at $650M-$850M.
- The company expects to be "marginally profitable" in Q2; the EPS consensus is at $0.27. Full-year free cash flow is expected to be slightly negative.
- Shares -4.9% AH
- Q1 results, shareholder letter (.pdf)
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