Shares of Tesla Motors Inc. (TSLA) slipped 5% in extended trading session on Wednesday after the luxury electric car maker reported a profit for the fourth quarter that fell short of Wall Street analysts’ estimates.
Palo Alto, California-based Tesla reported fourth-quarter profit of $270 million or $0.24 per share, compared to last year’s profit of $105 million or $0.11 per share.
Excluding items, adjusted earnings for the quarter were $0.80 per share, compared to $0.41 per share last year. On average, 17 analysts polled by Thomson Reuters expected earnings of $1.01 per share for the quarter.
Tesla’s revenues for the quarter surged 46% to $10.74 billion from $7.38 billion last year. Analysts had a consensus revenue estimate of $10.32 billion.
The company said revenue growth reflects “substantial growth in vehicle deliveries as well as growth in other parts of the business.” Meanwhile, vehicle average selling price declined by 11% due to product mix shifting from Model S and Model X to the more affordable Model 3 and Model Y.
In the quarter, Tesla said it delivered 161,701 Model 3/Y to customers, up 75% from last year. Model S/X deliveries were 18,966, down 3% from last year.
Looking forward, Tesla said it expects to achieve 50% average annual growth in vehicle deliveries over a multi-year horizon.
TSLA closed Wednesday’s trading $864.16, down $18.93 or 2.14%, on the Nasdaq. The stock further slipped $47.13 or 5.45% in the after-hours trade.
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