Tesla Motors (Nasdaq: TSLA) is ticking higher Monday following
third-quarter results released earlier on the session.
According to Tesla, manufacturing rose from 5 cars at the start of
the quarter to 100 by the end of it. In total, about 350 Model S
sedans were produced, delivering 250 to customers. Since the end of
the quarter, production is now at 200 cars per week
Revs rose 88 percent to $50.1 million. Gross margin was down 17
percent in the quarter, while adjusted net loss widened from $56.85
million out to $97.12 million, or 92 cents per share.
The Street was looking for revs of $48.5 million and a loss of 90
cents per share.
Tesla expects gross margin to improve to 12.5 percent before the
end of 2012, moving to 25 percent in fiscal 2013.
Looking ahead, Tesla maintains fiscal 2012 sales expectations,
seeing positive free cash flow by the end of the fourth quarter.
R&D spending will also remain flat for the current quarter. The
company noted, "Since the beginning of Q3, we have opened up
showrooms in seven new locations, including Long Island, New York,
Paramus, New Jersey, and Boston, Massachusetts. There are now 29
showrooms around the world. We plan to open five more showrooms
this year at strategic locations in North America, including Miami,
Florida, Morristown, New Jersey, and McLean, Virginia...Tesla will
start deliveries in Europe during the first half of next year with
the Signature Series, all of which have been reserved for months."
Last week, Tesla
that its Model S was selected as AUTOMOBILE Magazine's "Automobile
of the Year."
Ahead of the bell, Tesla is up about 4.6 percent. The stock is just
about flat over the last month as well as year-to-date 2012.