Tesla Q2 Results Top Estimates

(RTTNews) - Tesla Motors, Inc. (TSLA) reported a net loss for the second quarter of $184.2 million or $1.45 per share, compared to a net loss of $61.9 million or $0.50 per share for the year-ago quarter.

Excluding items, adjusted net loss for the second quarter was $60.8 million or $0.48 per share, compared to net income of $16.1 million or $0.13 per share in the prior year quarter.

Both reported and adjusted figures for the latest quarter include a $13.2 million gain, or $0.10 per share, related to mostly unrealized gains from revaluation of our foreign currency holdings.

Revenue for the second quarter rose to $954.98 million from $769.35 million a year ago. Adjusted revenue for the latest quarter was $1.20 billion, up 40% from $857.51 million last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.60 per share on revenue of $1.17 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, the company said it expects to produce just over 12,000 vehicles in the third quarter, representing a more than 60% year-over-year increase.

The company plans to deliver about the same number of vehicles in the third quarter as in the second quarter, despite having one week of planned shutdown in the latest quarter. This includes a small number of Model X deliveries.

The company said it is now targeting to deliver 50,000 to 55,000 Model S and Model X cars in 2015, compared to its earlier target of 55,000 Model S and X cars.