Electric car maker Tesla Motors, Inc. (TSLA: Quote) said Wednesday after the markets closed that it swung to a first quarter loss, hurt by higher operating expenses even as revenue surged 10%.
However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly adjusted revenue.
"In Q1, we produced a record 7,535 Model S vehicles for global delivery. We also slightly exceeded guidance by delivering 6,457 cars while also filling the pipeline of deliveries into Europe and Asia to support growing global demand," said Elon Musk, Tesla CEO and Chairman.
Tesla shares are currently losing 8.39% in after hours trading after closing the day's regular trading session at $201.35, down $5.93 or 2.86%. The shares trade in a 52-week range of $55.71 to $265.00.
Tesla Motors rose to fame by producing the Tesla Roadster, the first fully electric sports car, followed by the Model S, a fully electric luxury sedan.
For the first quarter ended March 31, 2014, the Palo Alto, California-based company reported a net loss of $49.8 million or $0.40 per share, compared to net income of $11.2 million or $0.10 per share for the year-ago quarter.
Excluding items, adjusted net income for the first quarter was $17.0 million or $0.12 per share, compared to $15.4 million or $0.12 per share in the prior year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.10 per share for the first quarter. Analysts' estimates typically exclude special items..
Total revenue for the first quarter rose 10% to $620.54 million from $561.79 million in the same quarter last year. Adjusted revenue for the latest quarter was $713.05 million. Thirteen analysts had a consensus revenue estimate of $699.10 million for the first quarter.
Looking forward, the company said it plans to produce 8,500 to 9,000 cars in the second quarter, representing a 13% to 19% increase over the first quarter.
The company also said it expects to deliver about 7,500 Model S vehicles in the second quarter as it moves toward its goal of more than 35,000 Model S deliveries for the year.
Tesla said it expects to be marginally profitable on an adjusted basis in the second quarter despite the start of leasing vehicles, investments in R&D and geographic expansion.
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by RTT Staff Writer
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