million, where none were expected: For the second quarter, the electric car maker Tesla reported a surprising $ 104 million profit. Makes the bottom line $ 0.50 per share, the profit metric is outside of the balance sheet, GAAP standards, there were even $ 451 million, respectively, of 2.18 dollars per share. Analysts had, at best, with a few cents, expected more but still with losses.
Tesla topped these expectations effortlessly. Otherwise, the Pay seemed excellent, particularly for the quarter in which the Coronavirus pandemic began to rage properly in the United States. The operating result (Ebitda) rose by 111 percent year-on-year quarter, the GAAP-compliant earnings even by astronomical 550 percent quarter-on-quarter (in the previous year, Tesla was still a loss).
In the case of such profit jumps disturbs it or not, that sales have fallen year-on-year by five percent. Here lies, possibly, but the reason for this is that the stock made a short jump to the Numbers, but then in a downward trend, sliding? Since the presentation of the Figures on Wednesday evening was the high downward for the share of eleven percent, from the record, there are even 21,02 percent. Tesla 1.299,60 EUR +82,60 (+6,79%) Tradegate
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By Definition, the stock is in a bear market – the opposite of what you would expect as an investor, when a notorious Money-burner as Tesla reported a fourth-quarter profit in a row. Because with this milestone qualified the group from California for the prestigious rise in the S&P 500.Tesla's profits are from the sale of Streamers
Sure win to play here-taking a role. A bit of a deeper look into the figures shows, however, that in the case of Tesla, not everything runs as smoothly as it seems. Because the profits reported, Tesla are not from the sale of the Stromer.
Because of the 5,179 billion dollars in sales of the automotive division, between April and June, comes in $ 428 million from the sale of so-called "regulatory credits" – points of various US States like California for eco-friendly, emission-free vehicles will be awarded. If you want to sell in these States cars must have a minimum of such points, otherwise the penalties from the authorities threaten.
Since Tesla only produces electricity, collects the group plenty of points, which he can sell to competitors, who still need points. The System is similar to the trade with emission certificates in Europe. The Clou: Because Tesla cashes in the points for free, you can sell the group with a 100 percent margin.
Never sold a Tesla more such points than in the second quarter. In the year-ago quarter, Tesla had delivered with this business, only $ 111 million, an increase of 286 percent. Subtracting this revenue from the net sales of 1,267 billion dollars, only 839 million dollars is too little to cover the operating costs of $ 940 million. Chief financial officer - Live will-Online-conference on 3. August!
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Without the points of trading, it would have been the profit so nothing. The oddities in Tesla's figures don't stop here, such as the Financial Times notes. Because even in the case of the so-called "accounts receivables" has done somewhat in the second quarter. The term refers to outstanding payments that are made if everything is clean, customers and business partners already in the bill. In this case, these invoices must be already recognised as revenue.
For years, the number of "accounts receivables varies" in the range of about 20 percent of sales. In the second quarter, however, this ratio jumped to 25 per cent, the highest level in six years, the "Financial Times". In other words: While sales declined slightly overall, Tesla has accounted for seems to be more (as yet) unpaid bills as revenue.
In the case of observers has led to raised eyebrows, because such accounting practices claim at least as questionable. For example, the accounting expert Howard Schilit wrote in his book "Financial Shenanigans" that there is a rapid increase in the "accounts receivables" a "RED FLAG!" [sic] is, in the case of the investors suspicious should be.Tesla accelerate future sales into the present
in fact, this Position increased in the balance sheet in the second quarter by 29.4 percent year-on-year quarter to 1,485 billion dollars. You may give Tesla here, that it comes of postponements in the current situation, perhaps more often, changes to Payment and the number of "accounts receivables" therefore increases. However, a majority of these open invoices does not even come from the sale of the vehicles.
The confirmed Tesla's chief financial officer Zachary Kirkhorn in an analyst conference after the Numbers. There Kirkhorn stated: "Less than 30 percent of our receivables are from the sale of new cars." According to Kirkhorn alone open invoices from the trade with emission points would represent a good 40% of the Position. With Stock Selection in Europe, you will be able to achieve excess Returns with the System. You put on the strongest trend signals from Germany and Europe. Long and Short. So make your investment a success, regardless of the DAX level. (Partner quote) Here is an exclusive free trial!
40 percent of the current "accounts receivables" correspond to 594 million dollars. Critical observers conjectured, therefore, that, possibly, all sales of points were made in the second quarter of Tesla first, so that the group can be recorded as revenue. Will be paid only if the buyer need the points really only.
in Principle, Tesla has accelerated so perhaps future sales into the present, with the aim to announce the fourth profit quarter in a row. Really clean not and also not sustainable. Even Tesla can tap into these money tap, but the more the competitors on their own electric cars shift, the less emission points require you to buy a Tesla.Just not from Tesla's glittering panels
this is Precisely where the Problem ultimately lies. The chief of electric car manufacturer, Elon Musk, compelled investors with grandiose Vision. In this case, the business is not so good, as a cursory glance at the Figures might suggest. Without the trade with the emission points, it wouldn't have made Tesla to make four quarters in a row profit. In order to reach this milestone, has cheated the group even seems to be a little bit in the invoice, the "accounts receivables" show.
Tesla is far from the only company with creative accounting. However, investors should not lose, especially in terms of the massive Rally of the stock, not even in Tesla's glittering world, the sight of the fundamentals.
Here is about the number of offers delivered vehicles. The lag in the second quarter, only 90.891 Wander, to 88.496 in the first quarter, for a total of just under 179.400 vehicles in half a year. Tesla confirmed the numbers in its quarter, in the total year 2020, half a Million vehicles deliver. Whether Tesla also creates this milestone, seems currently to be questionable.
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