Tesla’s 1Q loss beats forecasts

Detroit News wire reports

Tesla Motors Inc. climbed in extended trading after the electric-car maker reported a narrower first-quarter loss than analysts estimated and reiterated its full-year sales forecast.

The Palo Alto, California-based company on Wednesday reported a loss of $154.2 million. On a per-share basis, the company said it had a loss of $1.22. Losses, adjusted for non-recurring costs and stock option expense, came to 36 cents per share.

The results surpassed Wall Street expectations. The average of estimates compiled by Bloomberg was for a 49-cent loss.

The electric car maker posted revenue of $1.1 billion in the period, also surpassing analysts’ forecasts.

Ten analysts surveyed by Zacks expected $1.04 billion.

A report posted on Tesla’s website assured investors that the most critical projects are in good shape. It said it’s on track to deliver 55,000 vehicles this year and that construction of its massive battery factory is running ahead of schedule: Manufacturing of battery cells, modules and packs will begin in 2016.

Tesla said deliveries of its long-awaited Model X SUV should begin late in the third quarter.

It had previously sought to have it ready by the end of 2014 and more recently told investors that deliveries would begin this summer.

Shares gained 2.4 percent to $235.75 at 5:29 p.m. Wednesday, after regular trading. Tesla had gained 3.6 percent this year through Wednesday’s close.