Tesla Sees First-Ever Quarterly Profit [View all]
Source: The Wall Street Journal.
By MIKE RAMSEY And TESS STYNES
Tesla Motors Inc. expects to report its first-ever quarterly profit on better-than-expected sales of the luxury electric-car maker's Model S.
The company, which has reported a loss every quarter since it went public in 2010, said Model S deliveries reached more than 4,750 units, compared with Tesla's February outlook for 4,500.
Analysts polled by Thomson Reuters recently had projected a loss of seven cents a share for Tesla's first quarter.
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The company in February had reported a wider fourth-quarter loss and promised new cost cuts, but said production of its Model S sedan was running at a rate of 20,000 vehicles a year, a key benchmark for investors. At the time, Mr. Musk said he was confident the company would be narrowly profitable this quarter, and forecast deliveries of 20,000 Model S battery-powered sedans this year.
Write to Mike Ramsey at michael.ramsey@wsj.com and Tess Stynes at tess.stynes@dowjones.com
Read more: http://online.wsj.com/article/SB10001424127887323611604578396313231119032.html
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