Tesla (TSLA - Free Report) just released its fourth-quarter and full year 2017 financial results, posting an adjusted loss of $3.04 per share and revenues of $3.29 billion. Currently, Tesla is a Zacks Rank #4 (Sell), but that could change based on today's results. The stock is up marginally to $346 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted an adjusted loss $3.04 per share, topping the Zacks Consensus Estimate of $3.19 per share loss.
Missed revenue estimates. The company saw revenue figures of $3.29 billion, just missing our consensus estimate of $3.30 billion.
Tesla reported a fourth-quarter loss of $675.4 million. The Palo Alto, California-based company posted full-year revenues of $11.76 billion, up from $7 billion last year.
Tesla delivered a total of 29,870 vehicles across its three production models during Q4. Combined Model S and X deliveries jumped 27% year-over-year to post record quarterly sales. On top of that, Tesla surpassed its own full-year expectations for combined S and X deliveries with 101,312.
The electric vehicle company sold 1,550 units of its more affordable Model 3 during the fourth quarter. Tesla noted in a statement that it made “major progress addressing Model 3 production bottlenecks, with our production rate increasing significantly towards the end of the quarter.” Tesla expects to ramp up production through the first quarter of 2018 to about 2,500 Model 3s a week by the end of the period.
Tesla investors might be happy to note that Elon Musk’s company expects to reach the 5,000 vehicle per week milestone by the end of Q2.
Here’s a graph that looks at TSLA’s Price, Consensus and EPS Surprise history:
Tesla Inc. designs, develops, manufactures, and sells electric vehicles and stationary energy storage products. It operates primarily in the United States, China, Norway and internationally. Tesla Inc., formerly known as Tesla Motors Inc., is headquartered in Palo Alto, California.
Check back later for our full analysis on TSLA’s earnings report!
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