Tesla Inc. late Wednesday reported second-quarter earnings above Wall Street projections, defying expectations that COVID-related shutdowns in China would hurt its bottom line, thanks to vehicle price increases and selling of most of its bitcoin. The quarter was challenging, but “we have the potential for a record-breaking second half of the year,” barring force majeure and other problems out of the EV maker’s control, Chief Executive Elon Musk said in a call after the results. “It has been supply-chain hell for several years.”
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said it earned $2.3 billion, or $1.95 a share, in the second quarter, compared with $1.1 billion, or $1.02 a share, in the second quarter of 2021. Adjusted for one-time items, the company earned $2.27 a share. Sales rose 42% to $16.9 billion from $12 billion a year ago, thanks to increased sales, higher average selling prices and growth in other parts of the business, Tesla said in its letter to investors. Analysts polled by FactSet expected Tesla to report adjusted earnings of $1.81 a share on sales of $16.5 billion. “From our perspective, this was perhaps Tesla’s most impressive quarter in years considering the daunting challenges it faced,” which included supply-chain issues, COVID-19 disruptions in Shanghai, and startup costs in Austin and Berlin, CFRA analyst Garrett Nelson told MarketWatch. “Guidance that the Fremont and Shanghai factories both achieved their highest-ever monthly production and it is focused on a record-breaking second half of 2022 was further music to the bulls’ ears,” Nelson said. Tesla said it faced “challenges” with shutdowns and limited production in Shanghai, but ended the quarter “with the highest vehicle production mon …