These are some of the stocks moving in after-hours on April 19, 2023:
Tesla (TSLA) shares sank 2% immediately following its first-quarter results. The EV maker’s adjusted earnings per share of 85 cents was a penny off the average analyst estimate of 86 cents. Revenue of $23.33 billion came roughly in line with expectations of $23.35 billion.
Tesla, which recently cut the price of its top selling vehicles in the US and China, said it expects product pricing will continue to evolve, “upwards or downwards, depending on a number of factors.”
“Although we implemented price reductions on many vehicle models across regions in the first quarter, our operating margins reduced at a manageable rate,” stated the quarterly earnings release.
Tesla’s gross margin came in at 19.3%, versus estimates of 21.2%.
“Investors mostly were focused on the gross margins ex credit line which came in 200 basis points light,” analyst Ronald Jewsiskow of Guggenheim told Yahoo Finance Live following the results.
“The latest US price cut was pretty surprising overnight, given how quickly it came after the price cuts earlier this quarter,” said the analyst, who has a Sell rating on the stock. “I think that shows, and our data supports this supports there wasn’t much stimulative impact from the price cuts earlier this month.”
First-quarter free cash flow of $441 million was well below the estimated $3.24 billion.
IBM (IBM) shares popped after the hybrid cloud and infrastructure company posted first-quarter adjusted earnings per share of $1.36 versus analyst expectations of $1.25. Revenue of $14.25 billion was roughly in line with estimates of $14.33 billion.
IBM still sees full-year free cash flow, a measure closely watched by analysts, at $10.5 billion, ahead of estimates of $10.28 billion.
“Our first quarter results demonstrate that clients continue turning to IBM for our unique combination of an open hybrid cloud platform, enterprise-focused AI, and business expertise to unlock productivity and drive efficiency in their operations,” Arvind Krishna, IBM chairman and chief executive officer, said in the company’s earnings print.
Alcoa (AA) swung to a surprise first-quarter loss. The aluminum and alumina producer posted an adjusted loss per share of 23 cents versus exceptions of $3.10.
Sales for the quarter fell 19% to $2.67 billion, missing analyst estimates of $2.75 billion.
Higher prices in both the alumina and aluminum categories were offset by decreased shipments. The company expects “favorable raw materials, volume and lower production costs” in the second quarter.
Alcoa reaffirmed its alumina and aluminum shipments guidance for 2023 to come in between 12.7 million and 12.9 million metric tons, and between 2.5 million and 2.6 million metric tons, respectively.
President and CEO Roy Harvey said the company is “making important progress in stabilizing our operations, with teams working to improve on a minute-by-minute, day-by-day basis. We plan to build on that momentum as we tackle a host of complex issues, including developing breakthrough technologies and addressing increased expectations from stakeholders.”
Year-to-date AA shares are down 9%.
Las Vegas Sands
Las Vegas Sands (LVS) shares are up after the resort and casino operator posted a better-than-expected quarter amid a recovery in travel and tourism.
“While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is now underway. We remain enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead,” said CEO Robert Goldstein.
Adjusted earnings per share of 27 cents beat estimates of 18 cents. Net revenue of $2.12 billion came in above expectations of $1.83 billion. Year-to-date the stock is up 23%.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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