WASHINGTON (dpa-AFX) - Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a fourth-quarter loss that widened from last year, hurt largely by higher operating costs which offset an increase in revenues. However, shares of the company gained 11 percent after the company detailed a strong delivery target for 2016.
Tesla, based in Palo Alto, California, reported a fourth-quarter loss of $320.4 million or $2.44 per share wider than last year's loss of $107.6 million or $0.0.13 per share.
Excluding items, adjusted loss for the quarter was $0.87 per share, compared to earnings of $0.13 per share reported a year ago. On average, 16 analysts polled by Thomson Reuters expected earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Tesla's revenues for the quarter improved to $1.21 billion from $956.7 million last year. Adjusted revenues for the quarter rose 59 percent to $1.75 billion. Analysts had a consensus revenue estimate of $1.79 billion for the quarter.
Tesla said it delivered 17,478 vehicles in the fourth quarter, including 206 Model X vehicles. Global deliveries rose about 76 percent year over year in the quarter. Tesla manufactures two all-electric cars-- the Model S sedan and the Model X, which was released last September.
Looking forward, Tesla expects to deliver 80,000 to 90,000 new Model S and Model X in 2016. In Q1, Tesla plan to grow deliveries 60 percent about 16,000 vehicles.
The company also expects to achieve adjusted profitability for the full-year 2016.
Tesla also reassured investors that its next vehicle Model 3 is on schedule and will be unveiled on March 31. The company plans to start production and deliveries of Model 3 in late 2017.
TSLA closed Wednesday's trading at $143.67, down $4.58 or 3.09%, on the Nasdaq. The stock, however, gained $15.81 or 11.00% in the after-hours trading.
Copyright RTT News/dpa-AFX
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