OKE, Ford, Tesla: 2Q19 -- Earnings -- July 24, 2019

OKE: if I'm reading this correctly, OKE has decreased its next dividend from 86.5 cents (5.05% annual yield) to 25 cents (1.46% annual yield). 

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Ford

2Q19 earnings: beats on both top line, bottom line.

• Estimates: Analysts expect Ford earnings per share to increase 11% to 30 cents despite sales slipping 4% to $34.51 billion as sales in the U.S., China and Europe fell. The Dearborn, Mich.-based automaker is phasing out passenger cars like the Focus.  
• Results: EPS of 32 cents on automotive revenue of $35.07 billion. 

Stock plunges after hours; drops 7% on weak guidance.

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Tesla

Updates
Posted In "Real-Time" 

Later, 3:49 p.m. CT: Finally, after hours, Tesla shares plunge 4% -- earnings must be out. Now, down almost 8%; down almost $20. If the earnings are not out, "someone knows something" the rest of us don't know. Particularly bad considering:

• the stock was trading higher all day on an otherwise down day for the market (Dow)
• pundits were thrilled about upside surprise on 2Q19 deliveries

Ticker:

• 3:51, no earnings report; down 8.64%; down $22.32/share
• 3:57 p.m., earnings out: down 9.23%; $24.44/share
• 3.58 p.m.: down 10.76%; $28.35/share
• 3:59 p.m.: down 10.94%; $28.94/share
• 3:59 p.m.: down 11.04%; $29.23/share
• by 4:03, trending toward a loss of 12%/share; a loss of $31/share

Watching the ticker; still don't see any report of earnings.

CNBC (when I couldn't find earnings report, I quickly turned on the television, and CNBC was just announcing results:

• reporting a loss of $1.12 (consensus was for a loss of 40 cents/share)
• gross margin: 19% (second or third consecutive quarter of decline; investors hoping for 20% or better; Munster says 19% respectable considering price of Model 3)
• disaster for investors 
• revenue in line; guidance on deliveries not 
• "extreme demoralizing release from Tesla; big miss; bar pretty low; record vehicle sales; if you can't generate a profit on record high sales" -- talking head 
• CNBC: trying to reassure investors but "maximum disappointment"
• "Goldilocks" quarter and they still lost over a dollar/share
• free cash flow -- $614 million  ($136 million expected)  -- due to higher deliveries
• Model 3: structurally unprofitable; S and X -- decreasing sales
• impressed by free cash flow (but that's very temporary -- based on higher deliveries)
• interesting: CNBC hanging their hat on "free cash flow"
• and, yet, lost money on a record-setting sales quarter
• tax credit goes away completely at end of year

Original Post

Deliveries: upside surprise on 2Q19 deliveries. 

Earlier this month, TSLA said it delivered 95,200 total vehicles in Q2, ahead of Wall Street’s estimate for 91,000. That’s the widest beat in at least three years.

While we're waiting, from August 1, 2018, Tesla's free cash flow:

Tesla free cash flow at this link.

We'll see if Tesla reports it's free cash flow for 2Q19 earnings.