Tesla Inc.’s quarterly profit topped $1 billion for the first time in the company’s history and its sales nearly doubled, zooming past Wall Street expectations, but there was no rally for the stock late Monday as the Silicon Valley electric-car maker delayed the launch of its commercial truck thanks to a “limited” battery supply and ongoing supply-chain snags.

Tesla
TSLA,
+2.21%

said it earned $1.14 billion, or $1.02 a share, in the second quarter, compared with $104 million, or 10 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $1.45 a share, compared with 44 cents a share a year ago.

Revenue rose 98% to $11.96 billion, from $6.04 billion a year ago, which the company pinned on “substantial growth” in vehicle sales as well as growth in other parts of the business.

Analysts polled by FactSet expected Tesla to report adjusted earnings of 94 cents a share on sales of $11.51 billion for the quarter. The quarter marked the eighth GAAP, as well as adjusted quarterly, profit for the EV maker.

Tesla said it remained on track to build its first Model Y compact SUV in factories going up in Berlin and in Austin, Texas, this year, with the pace of the production ramp “influenced by the successful introduction of many new product and manufacturing technologies, ongoing supply-chain related challenges and regional permitting.”

“To better focus on these factories, and 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 Monday.

From June: Tesla’s president of trucking Jerome Guillen leaves company

“Tesla’s numbers, beating estimates by a healthy margin, confirm strong global demand for EVs continues, enough to more than offset Tesla’s near-term challenges,” said iSeeCars.com analyst Karl Brauer.

Tesla said it is “making progress” in getting the Cybertruck, its electric pickup, ready for sales, with production still planned for the Austin factory after the Model Y.

Tesla’s operating income increased year-on-year mainly on volume growth and cost reductions, but those were offset in part by rising expenses, additional supply-chain costs, lower revenue from regulatory credits and a “bitcoin-related impairment of ($23 million),” the company said.

Supply-chain issues, including the global chip shortage and congestions in ports, continued to plague Tesla.

“With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year,” the company said.

Tesla kept its sales guidance for the year intact and nonspecific, saying that “over a multi-year horizon” it expects 50% average annual growth in vehicle sales, and sees 2021 as a year it could grow faster.

Tesla reported a mixed first quarter in April, beating Wall Street expectations for adjusted profit but missing the sales forecast by a hair, with the company beset by parts shortages and other snags.

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

in these same periods.

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