Tesla, TSLA, Reports Loss Of $0.58, Revenues Of $1.24B, Shares Rally 10 Percent In After-Hours [Breaking News]
Tesla Motors, Inc. (NASDAQ: TSLA) reported its third quarter 2015 financial results after the close of the regular market at 4 p.m. today. TSLA shares rallied more than 10 percent, to over $229, in after-hours NASDAQ trading.
Tesla reported a per TSLA share loss of $0.58, according to CNBC. The Wall Street analyst consensus was for a loss of $0.50.
Revenues of $1.24 billion were reported, falling slightly short of the analyst consensus of $1.26 billion. Tesla revenue represents year-over-year growth of close to 33 percent.
Tesla management stated that it expects to deliver 50,000 to 52,000 vehicles in 2015, within its original guidance.
A conference call is scheduled for 5:30 p.m. ET.The per share TSLA loss represents an EPS slowdown of more than 2,600 percent from third quarter 2014 levels. TSLA EPS is expected to grow again in the fourth quarter of 2015 by 392.3 percent to a profit of $0.38. For the full 2015-year, a loss of $0.87 is forecast. A per TSLA share profit of $2.23 is forecast for 2016. The 2015 and 2016 EPS numbers represent growth of -721.4 percent and 356.3 percent, respectively. The Wall Street consensus is for Tesla to grow EPS at an average annual rate of 101.3 percent over the next five years.
Full-year 2015 Tesla revenues of $5.4 billion are forecast. Revenues are seen growing by 61.5 percent to $8.7 billion in 2016.
Going into the today’s report, Tesla had an operating margin of -10.4 percent, a profit margin of -14.1 percent, and a return on equity of -62.4 percent.
Tesla reported holding $1.4 billion in cash in today’s release and previously held $2.79 billion in debt. Tesla also reported a debt to equity ratio of 389.7 percent.
Tesla reported that it delivered 11,603 vehicles and produced 13,091 vehicles in the third quarter. The company states that it plans to deliver 17,000 to 19,000 vehicles in the fourth quarter and build 15,000 to 19,000.
Tesla reports that Model S production and deliveries are on schedule to meet Tesla’s original fourth quarter plan.
Further, Inside EVs shows Tesla selling 5,406 vehicles in the United States third quarter. Tesla reported global production of 13,091 and deliveries of 11,603.
Tesla management has also stated that production has begun at the Gigafactory and has been accelerated due to strong “growing demand” for Powerwalls and Powerpacks. As a results of the accelerated production at the Gigafactory, Tesla Energy should record production in the fourth quarter of 2015 and deliveries in the first quarter of 2016.
“We are seeing very strong demand for Tesla Energy products globally, and particularly in Australia, Germany and South Africa. To respond to these opportunities, we are growing our worldwide Tesla Energy sales team and are continuing to sign new business partnerships with utilities and energy companies.”
Tesla reports that it expects to begin cell production at the Gigafactory facility by late 2016, several “quarters ahead” of the company’s original goal.Tesla management also reports that it has made progress with securing a supply of lithium hydroxide, necessary for the production of its energy storage products like Powerwalls and batteries for Tesla cars. Tesla reports that it has entered into two conditional purchase order agreements that will allow the company to lower its cost and the environmental impact of mining the resource. Negotiations with more lithium hydroxide suppliers are reportedly underway as well.
Tesla management expects to invest a further $500 million in the business in the fourth quarter of 2015. Total capital expenditures for Tesla for the full 2015-year are seen near $1.7 billion. The increased expenditures are reported to have been used for “further vertical integration of seat assembly and other manufacturing activities,” as well as the Gigafactory.
During the conference call, Tesla CEO Elon Musk hinted that Tesla may have plans for an Uber-like ride sharing service powered by Tesla automated vehicles, but stated that it wouldn’t be appropriate to comment on the plans until they are more firm.
[Feature Photo by Justin Sullivan/Getty Images]