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Tesla surges after earnings beat, vows to sell more than half a million vehicles this year

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+warwagon    13,844

Tesla surges after earnings beat, vows to sell more than half a million vehicles this year

https://www.marketwatch.com/story/tesla-stock-rises-after-company-posts-quarterly-gaap-profit-2020-01-29

 

Quote

 

Tesla Inc. stock rallied 12% late Wednesday after the Silicon Valley car maker reported quarterly earnings that topped Wall Street views and set a goal to “comfortably” sell more than 500,000 vehicles this year.

 

Tesla TSLA, +11.23%  said it earned $105 million, or 56 cents a share, in the fourth quarter, compared with $140 million, or 78 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $2.14 a share, compared with $2 a share a year ago.

 

Revenue rose 2% to $7.4 billion, compared with $7.2 billion a year ago.

 

Analysts polled by FactSet had expected the car maker to report adjusted earnings of $1.77 a share on sales of $7 billion

 

The after-hours share surge continued as Tesla hosted its conference call with investors, and a mention of potential delays in the Model 3 production in Shanghai due to the deadly coronavirus did nothing to temper investors’ enthusiasm.

 

Tesla Chief Financial Officer Zach Kirkhorn said during the call that Tesla is expecting “a one- to one-and-a-half-week delay in the ramp of Shanghai-built Model 3 due to a government-required factory shutdown” related to the virus.

 

“This may slightly impact profitability for the quarter, but is limited, as the profit contribution from Model 3 Shanghai remains in the early stages,” he said. “We are also closely monitoring whether there will be interruptions in the supply chain for cars built in Fremont [Calif.],” but Tesla so far is not aware of anything material, Kirkhorn said.

 

Current stock numbers for Thursday

 

Tesla Inc TSLA 645.65 USD+64.72 (11.14%)

 

Does anyone here own Telsa stock?

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