Tesla Loss Widens, Narrows Outlook; Shares Still Gain

(RTTNews) - Electric car maker Tesla Motors Inc. (TSLA), Tuesday reported a third-quarter loss that widened from last year, hurt largely by higher costs which offset an increase in revenues. The company lowered its delivery target for 2015. However, shares of Tesla gained over 9 percent in the extended trading session.

Tesla, based in Palo Alto, California, reported a third-quarter loss of $229.9 million or $1.78 per share wider than last year's loss of $74.7 million or $0.60 per share.

Excluding items, adjusted loss for the quarter was $0.58 per share, compared to earnings of $0.02 per share reported a year ago. On average, 18 analysts polled by Thomson Reuters expected loss of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.

Tesla's revenues for the quarter improved to $936.8 million from $851.8 million last year.

Adjusted revenues for the quarter rose 33 percent to $1.24 billion. Seventeen analysts had a consensus revenue estimate of $1.26 billion for the quarter.

During the quarter, Tesla produced 13,091 vehicles, including the latest Model X, and delivered 11,603 units.

CEO Elon Musk said, "Since the Model X launch event, order rates have accelerated for both Model S and Model X. Although it is too early to draw firm conclusions, this supports our belief that Model X expands the market for Tesla vehicles, with little to no cannibalization of Model S."

Tesla manufactures two all-electric cars-- the Model S sedan and the Model X, which was release in September.

Looking forward, Tesla said it expects to deliver 17,000 to 19,000 vehicles in the fourth quarter, which brings the 2015 total to 50,000 to 52,000. Lower than prior outlook of 50,000 to 55,000 vehicles for the year.

Tesla also remains highly confident of average production and deliveries of 1,600 to 1,800 vehicles per week for Model S and Model X combined during 2016.

Musk added that the company is on track to unveil Model 3 in late March 2016.

TSLA closed Tuesday's trading at $208.35, down $5.44 or 2.54%, on the Nasdaq. The stock further gained $19.66 or 9.44% in the after-hours trade.