Tesla Motors Inc.
) hit a new 52-week high of $97.12 on May 14, which is above its
previous level of $88.00 a day before, and closed at $83.24 on
the same date. The closing price represented a whopping one-year
return of 176.9% and year-to-date return of 135.4%.
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The Palo Alto, California-based leading manufacturer of electric
vehicles and electric vehicle powertrain components has a market
cap of $10.05 billion. Average volume of shares traded over the
last three months stood at approximately 4,651.6K.
Shares of the company started escalating following the release of
its surprising 2013-first quarter results on May 8. The company
posted its first-ever quarterly profit of $15.4 million, or 12
cents per share, on an adjusted basis, in the first quarter of
2013 compared with a loss of $79.3 million or 76 cents in the
corresponding quarter of 2012. This indicates a whopping positive
earnings surprise of 271.4% given the Zacks Consensus Estimate of
a loss of 7 cents for the quarter.
Revenues jumped manifold to $561.8 million from $30.2 million in
the first quarter of 2012. Thanks to the impressive 5,000 units
of Model S electric car sales during the quarter.
The automaker continued to supply full electric powertrains and
battery packs to
Toyota Motor Corp.
) for their RAV4 EV program. It also completed various
) Mercedes Benz B-Class EV program, which contributed to total
development services revenues of nearly $7 million.
Although, total gross margin decreased to 17.1% from 33.8% a year
ago but rose from 7.8% in the fourth quarter of 2012 due to
higher Model S production rate, manufacturing efficiencies, cost
reduction measures and regulatory credit sales.
Tesla expects to manufacture 5,000 Model S vehicles in the second
quarter of the year. For full year 2013, the company expects to
deliver 21,000 Model S cars globally, up 5% from its prior
guidance of 20,000 units.
Tesla also plans to spend about $200 million as capital
expenditures in 2013, as it concludes the majority of investments
in the Tesla Factory and Model S tooling. Capital expenditures
also include the expansion of services, store development,
Supercharger networks and new product development.
Currently, shares of Tesla retain a Zacks Rank #3, which implies
a short-term (one to three months) Hold rating.
) with a Zacks Rank #2 (Buy) is performing well in the broader