February 19, 2014 at 5:05 pm

Tesla quarterly results beat analyst estimates on Model S growth

Tesla Motors Inc. reported a fourth-quarter profit that beat analystsí estimates and projected a 55 percent increase in vehicle deliveries as the carmaker led by Elon Musk had its best year of premium all-electric auto sales.

Excluding some items, Tesla earned 33 cents a share in the fourth quarter, the company said in a statement on its website. That compares with a loss of 65 cents per share a year earlier. Analysts had estimated profit of 26 cents a share on average, according to data compiled by Bloomberg.

Shares jumped to $207.77 at 4:06 p.m. after regular trading. Tesla slid 4.9 percent to $193.64 at the close in New York after finishing at $203.70 yesterday, a record high for the maker of Model S sedans. Tesla, the youngest and smallest publicly traded U.S. automaker, now has a market value of $23.7 billion. That compares with about $57 billion for General Motors Co.

Tesla sold 6,892 Model S cars in the fourth quarter and plans to deliver more than 35,000 vehicles this year, the company said in the statement.