Short on revenue but a beat on profit -- bottom line: Wall Street liked what it heard from Tesla about its second quarter.
The luxury electric car maker posted a non-GAAP loss of $93 million, or $0.89 per share, 3 cents better than Wall Street expected, on $27 million in sales during the second quarter. The consensus revenue estimate was $30.9 million.
The loss was slightly better than expectations, though the sales figure came in light as analysts polled by Thomson Reuters expected a loss of 93 cents a share on revenue of $30.7 million. Tesla also reaffirmed a 25 percent gross margin target for next year.
In a letter to shareholders published after the close of trading today, Tesla said it was maintaining revenue guidance of $560 million $600 million and Model S volume projection of 5,000 units for 2012. Tesla also said that it expects to deliver approximately 500 vehicles to customers during the current quarter with the balance shipped out during the fourth quarter. It maintained its volume prjection for the Model S at 5,000 units for the full year.
Tesla's ability to crank out the Model S has recently come under question. Several analysts worry that the company will make fewer cars in the third quarter than Wall Street earlier estimated. One analyst, Theodore O'Neil of Wunderlich Securities, is on the record saying that Tesla will miss its monthly manufacturing targets. Instead of 1,000 units per month, he says the company will make half of that number. Originally, Tesla thought it would make 5,000 units in 2012 and four times that many next year.
Read more: http://news.cnet.com/8301-11386_3-57480025-76/tesla-posts-q2-loss-says-5000-model-s-sedans-to-ship-this-year/?tag=mncol;editorPicks
The luxury electric car maker posted a non-GAAP loss of $93 million, or $0.89 per share, 3 cents better than Wall Street expected, on $27 million in sales during the second quarter. The consensus revenue estimate was $30.9 million.
The loss was slightly better than expectations, though the sales figure came in light as analysts polled by Thomson Reuters expected a loss of 93 cents a share on revenue of $30.7 million. Tesla also reaffirmed a 25 percent gross margin target for next year.
In a letter to shareholders published after the close of trading today, Tesla said it was maintaining revenue guidance of $560 million $600 million and Model S volume projection of 5,000 units for 2012. Tesla also said that it expects to deliver approximately 500 vehicles to customers during the current quarter with the balance shipped out during the fourth quarter. It maintained its volume prjection for the Model S at 5,000 units for the full year.
Tesla's ability to crank out the Model S has recently come under question. Several analysts worry that the company will make fewer cars in the third quarter than Wall Street earlier estimated. One analyst, Theodore O'Neil of Wunderlich Securities, is on the record saying that Tesla will miss its monthly manufacturing targets. Instead of 1,000 units per month, he says the company will make half of that number. Originally, Tesla thought it would make 5,000 units in 2012 and four times that many next year.
Read more: http://news.cnet.com/8301-11386_3-57480025-76/tesla-posts-q2-loss-says-5000-model-s-sedans-to-ship-this-year/?tag=mncol;editorPicks
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