Tesla Beats Q2 Views, Outlook Below Expectations
Tesla expects to be "marginally profitable" in the third quarter on an adjusted basis. Wall Street expects earnings of $0.30 per share.
The electric car maker plans to hit an annualized delivery rate of more than 100,000 vehicles by the end of 2015 and said it remains on track to deliver 35,000 units in 2014.
Tesla's Model S second-quarter deliveries rose to 7,579 units, from 6,457 in the first quarter.
The company plans to invest between $750 million and $950 million in 2014, an increase of $100 million from prior guidance. The plan includes a "slight acceleration" spending on production capacity and its so-called battery Gigafactory.
The company's adjusted second-quarter profit fell to $16 million or $0.11 per share, from $17 million or $0.12 per share in the year-earlier period. Revenue grew 55 percent to $858 million, from $618.8 million a year earlier.
Wall Street expected earnings of $0.04 per share on revenue of $810.6 million.
Earlier Thursday, the company unveiled its expected agreement with Panasonic for a U.S. battery plant Tesla has said will cost up to $5 billion. Financial terms weren't disclosed.
In after-hours trading, Tesla was changing hands at $220.47, down 1.03 percent.
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