Tesla stock soars after surprise second quarter results
- Preeti Upadhyaya
- Technology Reporter- Silicon Valley Business Journal
- Email | Twitter
Excluding one-time costs, the electric car maker showed a profit of $0.20 a share on $405 million in non-GAAP reporting. In GAAP reporting, the general standard, the company posted net loss of $30.5 million.
Wall Street was widely expecting a loss of $0.17 a share on $384.4 million in revenue.
Last quarter, Tesla posted $0.10 earnings per share on revenue of $562 million, its first profitable quarter. A year ago, the company posted revenue of $26.7 million.
The company also sold 5,150 Model S vehicles in North America during the second quarter, surpassing expectations of 4,500 deliveries.
Looking ahead, Tesla expects production to increase from the second quarter, with a "considerable number of vehicles produced during the quarter...in transit to European markets at the end of Q3."
The car manufacturer expects to deliver just over 5,000 Model S sedans in the third quarter, in line with previous expectations to produce 21,000 vehicles in 2013.
Gross margin is expected to be in the "low 20 percent range, with continuing improvements in Model S vehicle margin, offset by significantly lower ZEV credit revenue," according to the shareholder letter. Tesla has previously stated that it expects ZEV credit revenues to be significantly lower as time goes on.
Shares of Tesla closed the day down 5.5 percent but soared in immediate after-hours trading, about 14.5 percent up and hovering near $154. Tesla has had an incredible year on the market, up roughly 300 percent year to date.
I'll be live-Tweeting the company's earnings call this afternoon so follow along for updates.
Companies: TSLA
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