Posts Tagged ‘tesla profit’

Despite Problems, Musk Promises Tesla Profit in Second Half of 2018

Stock up, but not everyone convinced.

by on Apr.13, 2018

CEO Elon Musk shown exiting the back seat of a Model 3 at its debut. Musk still needs to dig out of trouble caused by Model 3 delays.

It’s been a tough few weeks for Tesla, the battery-electric automaker again missing production targets, being accused of improperly firing nearly 1,000 factory workers and being scolded by federal safety regulators for its role in investigating a fatal crash involving its semi-autonomous Autopilot system.

But that has done little to dampen the enthusiasm of CEO Elon Musk. After earlier this week suggesting Model 3 production isn’t delayed but in a “time shift,” the South African-born exec on Friday tweeted a promise that Tesla will be both profitable and produce positive cash flow by the second half of this year.

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Musk’s latest tweet came in response to a harsh Twitter post by British news magazine The Economist, which warned Tesla would need to raise more cash this year. “The Economist used to be boring,” Musk responded, “but smart with a wicked dry wit. Now it’s just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, so obv no need to raise money.”

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Tesla Reports Bigger 1Q Loss Than Expected

But production hits record; revenues beat forecast.

by on May.03, 2017

Investors continue to drive up Tesla shares, betting on the success of the upcoming Model 3.

Despite record production and deliveries – and a surging stock price – Tesla managed to disappoint on Wednesday by reporting a bigger loss than analysts had been forecasting – though revenues for the first quarter of 2017 did manage to beat expectations.

The Silicon Valley battery-carmaker reported a loss of $1.33 a share, significantly worse than the 81 to 83-cent loss various tracking firms had Wall Street trackers predicting. The company has turned a quarterly profit – using non-standard accounting – only twice since it went public.

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The news wasn’t entirely disappointing. Tesla’s revenues for the January-through-March quarter came in at $2.70 billion, about $90 million above expectations. Production, the company said, was up by 64%, year-over-year. And Tesla previously had reported that it delivered 25,051 vehicles during the quarter, an all-time record, with a target of 50,000 battery-cars for the first half.

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Tesla Delivers Unexpected Profit

Shares surge, though not everyone is convinced.

by on Oct.26, 2016

Tesla overcame quality problems enough to boost production and crawl into the black during Q3.

Long struggling in the red, Tesla Motors delivered a surprise profit, the maker delivering more cars than expected for the third quarter, after a shortfall during the first half of the year.

The black ink, a total of $22 million, or $0.14 a share, was a much-needed boost for a carmaker struggling to launch its first mainstream product next year. The announcement came just days after Tesla took a sharp hit from influential Consumer Reports magazine, which declared the California carmaker suffers from serious quality and reliability issues.

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The black ink sent shares of Tesla soaring after months of weak performance to $211.83 a share. But not all observers were convinced the company had achieved a long-sought breakthrough.

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Tesla Deliveries Fall Short as EV Maker Cuts Outlook

But overall loss slightly less than expected.

by on Aug.05, 2015

Despite two price hikes, Tesla saw a jump in Model S orders - but cut its full-year forecast.

Tesla had some mixed news for investors as it revealed its second-quarter results Wednesday afternoon. The maker’s loss was less than anticipated by industry analysts, but the maker fell short of expected vehicle deliveries and cut its forecast for the full year.

The news sent the California battery-carmaker’s shares tumbling in after-hours trading. A critical test in the coming months will be the long-overdue roll-out of the Model X sport-utility vehicle, which Tesla CEO and founder Elon Musk acknowledged was “challenging.”

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“Some things are particularly challenging,” he said during a conference call with media and analysts, “But I think it’s going to be the best vehicle in the world and I think it’s going to blow people away.”

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Tesla Plunges Deeper into the Red

China problems take their toll.

by on Feb.12, 2015

Low gas prices have also been taking a bite out Tesla's stock price in recent weeks.

However you count the numbers, it wasn’t a good quarter for Tesla Motors.

The Silicon Valley battery-carmaker has been embroiled in controversy for its use of non-standard accounting practices that, critics say, make its balance sheet look a good bit better than it might with more traditional bookkeeping. But there was no way to perfume Tesla’s weak fourth-quarter performance, when it sank $107.6 million, or 86 cents a share, into the red.

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That was $74.7 million more than it run up in losses during the same period in 2013, in part due to problems selling all the vehicles it produced at the end of the year. The maker did hit its production target of 35,000 vehicles for all of 2014, but ran into trouble finding a home for all those Model S sedans. China was a major part of that problem.

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When is a Profit a Loss?

When Tesla’s doing the accounting.

by on Nov.06, 2014

Tesla is going to churn out fewer Model S sedans in the near term and reported a profit and a loss for its most recent quarter.

It’s easy to get caught up in the wave of euphoria that is Tesla Motors, especially when they’re bucking the odds by producing viable, stylish and high quality electric vehicles and making money while doing it. One can forget, ahem…to look a little closer at what’s being reported.

The Palo Alto, California-based EV maker with the perpetually higher-than-expected stock price reported that its earnings for the third quarter were up two cents a share. That’s great news considering the company wasn’t expected to make any money.

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However, some – mostly us – overlooked the quirk that is Tesla and its reporting practices. Tesla stubbornly clings to reporting non-GAAP numbers whereas the rest of the world uses GAAP results. When you look at the GAAP, short for Generally Accepted Accounting Principles, figures, which Tesla did provide further down in the letter to its shareholders the numbers don’t look so rosy. (more…)

Tesla Confounds Analysts By Turning 3Q Profit

Despite plant shutdown, EV maker makes money.

by on Nov.05, 2014

Tesla founder and CEO Elon Musk reported the company turned a profit during the third quarter.

Tesla confounded analysts once again by posting a third quarter profit of two cents per share despite predictions of a loss for the quarter due to the halt in production in the company’s plant in Fremont, California.

Analysts were not optimistic about the company’s odds of turning a profit and the average estimate compiled by Bloomberg was zero cents.

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“Despite losing almost a month of production due to factory retooling, we delivered the highest number of Model S vehicles ever, with several new records set in North America and worldwide,” Chief Executive Officer Elon Musk wrote in a letter to shareholders posted to the company’s website. (more…)

Sales Up, But Tesla Drops $50 mil into the Red

Adjusted earnings stay in the black.

by on May.07, 2014

A model Tesla dealership.

It beat its own optimistic sales forecast, but battery-electric automaker Tesla Motors nonetheless dropped $50 million, or 40 cents per share, into the red for the first quarter of 2014.

But after excluding special one-time items, the Silicon Valley-based start-up managed to eke out a $17 million adjusted income, or 12 cents a share. That handily exceeded the consensus industry analyst forecast of 6 cents per share.

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Tesla had a significant quarter, the maker coping with concerns about the safety of its battery packs – ultimately heading off a federal investigation by announcing plans to add a new, titanium safety cage underneath its Model S – while preparing for its much-anticipated product launch in the booming Chinese market.

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Tesla in the Black for Q3 – Sort Of

Maker’s stock continues to slide.

by on Nov.06, 2013

Production of the Tesla Model S has risen sharply -- as have profit margins on the battery sedan.

By Tesla’s account, the battery-car start-up generated a $16 million profit for the third quarter – but by generally accepted accounting practices, or GAAP, the maker would have plunged $38 million into the red for the July to September period.

And that sent already nervous investors skittering for the exit, Tesla stock quickly plunging by nearly $20, or around 11%, in after-hours trading – continuing the decline that was triggered last month both by two battery fires involving the Model S sedan and by negative analyst reports suggesting Tesla shares have been highly over-rated.

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Nonetheless, Tesla shares have remained more than 400% above where they began 2013, even after sliding from a $194.50 peak in September.

In a letter to shareholders, Tesla indicated it expects fourth-quarter earnings to be “about consistent” with the third quarter, a surprise to analysts who had been anticipating an increase as production and sales of the Model S battery-car continue to grow. Musk indicated Tesla is boosting research and development spending by 25% to ensure it can have the maker’s second electric vehicle, the Model X sport-utility vehicle, ready for its late-2014 launch.

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Investors Plug Back in After Tesla Delivers Another Earnings Surprise

Battery-carmaker again in the black despite red-ink forecasts.

by on Aug.07, 2013

Tesla drives home another solid quarter.

Plucky plug-based automaker Tesla Motors delivered another surprise with its second-quarter earnings announcements as it eked out a modest profit rather than the loss analysts had been forecasting.

After a sharp sell-off during the day that saw Tesla shares plunge by 5.5% before the closing bell on Wall Street, investors rapidly reversed course, almost immediately sparking a 14% gain in after-hours trading. The strong numbers could leave egg on the face of skeptical analysts, some of whom had issued sharply negative reports following Tesla’s first-ever profit during the January to March quarter.

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For the second quarter, net income jumped 70%, on a non-GAAP basis, to $26 million, translating into a 20 cent-per-share number, excluding one-time charges. The consensus forecast had been for a 19 cents loss.

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