Tesla Motors Earnings: Beats Profit Estimate, Short on Revenue
Tesla Motors Inc. (NASDAQ:TSLA) reported its results for the second quarter. Tesla Motors designs, develops, manufactures and sells high-performance fully electric vehicles and advanced electric vehicle powertrain components.
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Tesla Motors Inc. Earnings Cheat Sheet
Results: Loss widened to $105.6 million ($1 per diluted share) from $58.9 million (loss of 60 cents per share) in the same quarter a year earlier.
Revenue: Fell 54.2% to $26.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tesla Motors Inc. beat the mean analyst estimate of a loss of $1.03 per share. It fell short of the average revenue estimate of $30.6 million.
Quoting Management: CEO of Tesla Motors Elon Musk closed his shareholder letter with a bright outlook for the company. “We are thrilled that our customers, investors and the media have now had a chance to see for themselves just how compelling Model S is. We are also excited to have delivered the first group of Model S cars. We continue to focus on our long term goals of increasing quality production of the Model S so that we can achieve all of our goals to deliver on our volume, cash flow and profitability commitments.”
The company trumped estimates last quarter after falling shy in the two quarters prior. In the first quarter, it missed the mark by 8 cents, and in the fourth quarter of the last fiscal year, it came in under estimates by 9 cents.
Revenue has fallen in the past two quarters. In the first quarter, revenue declined 38.5% to $30.2 million from the year-earlier quarter.
Looking Forward: Analysts seem more negative about the company’s results for the next quarter than ninety days ago. The average estimate for the third quarter has moved from a loss of 65 cents a share to a loss of 75 cents over the last ninety days. The average estimate for the fiscal year has reached a loss of $2.85 per share, down from a loss of $2.40 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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