May 7 2014, 3:56pm CDT | by Forbes
The Palo Alto, California maker of electric cars said its non-GAAP profit totaled $17 million, up from $15.4 million in the year-earlier period. On a per-share basis, the figure was 12 cents, the same as 2013′s first quarter. Tesla posted a net loss for the quarter of $49.8 million compared with year-earlier net income of $11.2 million.
Tesla produced 7,535 Model S sedans in the quarter and delivered 6,457, “slightly exceeding” the company’s previous estimate, according to a statement. Tesla delivered its first cars in China last month and wants “to expand in China as fast as possible,” the company said.
Revenue rose 10 percent for the quarter to $620.5 million from a year earlier. On a non-GAAP basis, revenue totaled $713 million, up 27 percent from a year earlier, according to Tesla’s statement.
The electric-car maker, led by CEO Elon Musk , also said it’s “on track” to deliver “more than 35,000″ cars this year. The company also said it’s “gigafactory” project is still on pace to begin battery cell and pack production in 2017. Tesla still hasn’t selected “the ultimate location” for the complex but is going to start work “on at least two locations in parallel” to avoid delays. The gigafactor will reach peak output in 2020, Tesla said.
Tesla projected second-quarter Model S deliveries of 7,500 cars, with production rising of 8,500 to 9,000 vehicles during the quarter. That would be an increase of as much as 19 percent over first quarter output levels.
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