Tesla Non-GAAP Profit Rises on Record Model S Output

May 7 2014, 3:56pm CDT | by

Tesla Motors reported that that its first-quarter non-GAAP profit rose on record production of Model S sedans.

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.

Tesla said it’s making more cars than it’s selling “because of the growing pipeline of in-transit cars to Asia and Europe.” Tesla’s goal for 2014 Model S deliveries is 35,000 cars.

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

IPad Air Giveaway 2014 is Online
IPad Air Giveaway 2014 is Online
Our sister site I4U News is giving away a brand new iPad Air or if you can wait an iPad Air 2. This is an $499 value.
 
 
Your Parent Or Kid Moved In: Are You Covered?
A record 57 million Americans now live in multigenerational family households — double the number in 1980, according to a new Pew Research Center study. And I bet many of them have the wrong homeowner’s or renters...
 
 
Pandora Looks to Challenge Terrestrial Radio's Dominance in Cars
Pandora Media is one of the largest Internet radio providers in the U.S. with more than 75 million active users. While the company’s active user count has increased at a robust pace historically, it is likely to slow...
 
 
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
It’s January 2026. New York Yankees owner Hal Steinbrenner gets out of his driverless car and triumphantly marches before the gathered press to introduce his prized new free agent. It’s a record-breaking contract—over...
 
 
 

Latest from the Network

Lena Dunham condemns naked photo leak
Los Angeles, Sep 2 (IANS) Actress-writer Lena Dunham has condemned a mystery hacker who leaked nude photographs of celebrities, including actress Jennifer Lawrence. Lawrence hit headlines Sunday when intimate snaps of...
Read more on Celebrity Balla
 
Three children, teacher killed in China school stabbing
Beijing, Sep 2 (IANS) A stabbing spree in a Chinese school has left three children and a teacher dead Monday. Chen Yanfu, 43, who was upset that his daughter was not allowed to register at the school, rampaged through...
Read more on Politics Balla
 
Jennifer Aniston eases exercise regime
Los Angeles, Sep 2 (IANS) Actress Jennifer Aniston, who admits she's "eased up" her workout regime, says it's important to take time off from working hard in the gym to simply enjoy life sometimes. The 45-year-old,...
Read more on Celebrity Balla
 
Nigeria to get Japanese drug for Ebola treatment
Abuja, Sep 2 (IANS) Nigeria will soon get a Japanese drug to treat Ebola, the country's Health Minister Onyebuchi Chukwu said Monday. The drug named Favipiravir and developed by a subsidiary of Fujifilm Holdings in...
Read more on Business Balla
 
Miley Cyrus: The internet is more damaging than drugs
Miley Cyrus thinks the internet ''hurts your brain'' more than drugs. The 21-year-old singer believes social media - such as Facebook and Instagram - causes more damage to your mental health than smoking cannabis. She...
Read more on Celebrity Balla
 
Britney Spears in contact with ex-boyfriend from 6 years ago
Britney Spears is reportedly in contact with her ex-boyfriend from six years ago. The 'Piece of Me' hitmaker only split from her beau David Lucado last week after it emerged he'd allegedly cheated on her and now the...
Read more on Celebrity Balla
 
Joan Rivers may end up 'as a vegetable' or in 'wheelchair'
Joan Rivers' doctors fear she may end up ''as a vegetable'' or ''needing a wheelchair'' after she suffered a cardiac arrest last week. The 81-year-old comedienne's relatives are reportedly preparing themselves for the...
Read more on Celebrity Balla
 
Kate Upton will 'pursue anyone' who shares naked photos of her
Kate Upton's lawyer will ''pursue anyone'' who shares naked pictures of her. Nude photographs of the 22-year-old model were reportedly leaked online after her mobile phone's online storage system iCloud was allegedly...
Read more on Celebrity Balla
 
'Ukrainian conflict has escalated into war'
Kiev, Sep 1 (IANS) Ukrainian Defence Minister Valeriy Geletey Monday said the conflict in eastern Ukraine between government troops and pro-independence insurgents has escalated into a "war". "A great war came at our...
Read more on Politics Balla
 
IS slogan found on school walls in Saudi Arabia
Riyadh, Sep 1 (IANS) Slogans praising Sunni militant group Islamic State (IS) were found on the walls of some schools in the Saudi Arabia capital following Saudi King Abdullah bin Abdulaziz's call for coordinated...
Read more on Politics Balla