Tesla Motors, Inc. (TSLA: Quote) released its third quarter 2012 financial results. Net loss widened to $110.80 million from $65.08 million last year. Net loss per share was $1.05 compared to a loss of $0.63 prior year. Total revenues decreased to $50.10 million from $57.67 million last year.
Adjusted net loss per share was $0.92 for the quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.90 per share on revenue of $48.29 million for the quarter. Analysts' estimates typically exclude special items.
The company said gross margin was negative 17%, in line with previous guidance, primarily because the cost of automotive sales reflects the full burden of operating Tesla factory allocated over a limited number of vehicles produced, along with launch-related variable cost inefficiencies.
The company maintained its 2012 revenue guidance of $400 million-$440 million. Towards the end of the quarter, the company expect to achieve
positive free cash flow in spite of short term cost inefficiencies.
by RTT Staff Writer
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