Tesla Slips To Q1 Loss

(RTTNews) - Tesla Motors, Inc. (TSLA) reported a net loss for the first quarter of $49.8 million or $0.40 per share, compared to net income of $11.2 million or $0.10 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $17.0 million or $0.12 per share, compared to $15.4 million or $0.12 per share in the prior year quarter.

Total revenue for the first quarter rose to $620.54 million from $561.79 million in the same quarter last year. Adjusted revenue for the latest quarter was $713.05 million.

Analysts polled by Thomson Reuters expected the company to earn $0.10 per share on revenue of $699.10 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company said it expects to deliver about 7,500 Model S vehicles in the second quarter as it moves toward its goal of more than 35,000 Model S deliveries for the year.