Tesla Motors Beats On Earnings, But Backs Off Full-year Delivery Estimate

By Jeremy C. OwensMarketWatch Pulse

Tesla Motors beat expectations with its earnings report Wednesday, but shares fell in after-hours action as the company tempered expectations for 2015 deliveries. The electric-car company revealed a second-quarter loss of $184.3 million, or $1.45 a share, on revenue of $1.2 billion; after adjustments, Tesla said losses were $61 million, or 48 cents a share. Analysts surveyed by FactSet expected Tesla to report an adjusted loss of 60 cents a share on sales of $1.19 billion. Tesla also backed off claims that it would sell 55,000 cars this year, taking its estimate down to a range of 50,000-55,000. "Simply put, in a choice between a great product or hitting quarterly numbers, we will take the former," CEO Elon Musk and Chief Financial Officer Deepak Ahuja said in a letter to shareholders. Tesla stock fell more than 7% in late trading after closing with a 1.5% gain at $270.13.

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