Tesla Q1 Results Miss Wall Street View

(RTTNews) - Luxury electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a first-quarter loss that was wider than analysts estimates, as revenues also missed expectations.

Palo Alto, California-based Tesla reported first-quarter loss of $702.1 million or $4.10 per share, compared to last year's loss of $709.6 million or $4.19 per share.

Excluding items, adjusted loss for the quarter were $2.90 per share, compared to adjusted loss of $3.35 per share last year. On average, 23 analysts polled by Thomson Reuters expected loss of $0.69 per share for the quarter.

Tesla's revenues for the quarter surged to $4.54 billion from $3.41 billion last year. Analysts had a consensus revenue estimate of $5.33 billion.

Model 3 was the best-selling premium car in the US in first quarter, outselling the runner-up by almost 60%.

In the first quarter, Tesla said it delivered 50,928 Model 3s to customers. The company produced roughly 63,000 Model 3 vehicles in first quarter, which was approximately 3% more than the previous quarter. This improvement in production rate was modest mainly due to changes to the production process for the introduction of new variants of Model 3, fewer working days and a supplier limitation.

Looking ahead, Tesla reaffirmed its guidance of 360,000 to 400,000 vehicle deliveries in 2019, representing an increase of around 45% to 65%. For the second quarter, Tesla expects delivery of 90,000 and 100,000 vehicles.

TSLA closed Wednesday's trading at $258.66, down $5.24 or 1.99%, on the Nasdaq. The stock, however, further gained $4.34 or 1.68% in the after-hours trading.