Tesla crosses $1 billion in profit, delays launch

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Tesla Inc’s profit crossed $1 billion for the first time in the company’s history and sales nearly doubled in the second quarter, throwing Wall Street expectations out of the water, but the stock barely rose above 1% after the company pushed back the launch of its commercial truck due to “limited availability of cells Batteries and global supply chain challenges.

Tesla TSLA, +2.21%, said it earned $1.14 billion, or $1.02 a share, in the second quarter, compared to $104 million, or 10 cents a share, in the year-ago quarter. After adjusting for one-time items, the company earned $1.45 per share, compared to 44 cents per share a year ago.

Revenue rose 98% to $11.96 billion from $6.04 billion a year ago.

Analysts in a FactSet poll had expected Tesla to report adjusted earnings of 94 cents per share on sales of $11.51 billion for the quarter. The quarter was the eighth for GAAP, as well as the electric car maker’s adjusted quarterly earnings.

Tesla said it remains on track to build its first Model Y compact SUV at factories in Berlin and in Austin, Texas, this year, with the pace of production ramping “influenced by the successful introduction of many new products and manufacturing technologies, and ongoing supply chain challenges and regional permits.

“In order to better focus on these plants, due to the limited availability of battery cells and global supply chain challenges, we have shifted the launch of the semi-truck program to 2022,” Tesla said in a letter to investors on Monday.

Tesla said it was “making progress” in getting the Cybertruck, Tesla’s electric pickup truck, ready for sales, as production planning continues for the Austin plant after the Model Y is produced.

Tesla reported a mixed first quarter in April, beating Wall Street forecasts for revised earnings, but missed sales forecasts as the company struggled with parts shortages and other hurdles.

Tesla shares have lost about 6% this year, and are holding gains of about 133% over the past 12 months. That compares with an advance of about 18% and 37% for the S&P 500 SPX, +0.24% in the same periods.

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