Tesla Unexpectedly Ended The 4th Quarter In A Row With A Profit
American manufacturer of electric cars and solar panels Tesla Inc. (SPB: TSLA) in April-June unexpectedly made a profit for the fourth quarter in a row, and revenue exceeded the expectations of experts.
According to a press release, the company's second-quarter net income was $104 million, or 50 cents per share, compared with a loss of $408 million, or $2.31 per share, for the same period last year. Earnings excluding one-time income and expenses were $2.18 per share compared to a loss of $1.12 per share.
Revenue fell 5% to $6.04 billion from $6.4 billion a year earlier.
Analysts polled by FactSet, on average, forecast an adjusted loss of 2 cents per share on revenue of $5.15 billion.
Tesla's progress in the first half of the year has prepared the company for a successful second half of 2020, according to a message to investors posted on its website. "Production at existing plants continues to improve to meet growing demand, and we are increasing capacity," it also notes.
Tesla did not give a forecast for the current year, saying that it is still difficult to make assumptions about possible disruptions and changes in consumer sentiment in the second half of the year. However, the company confirmed that its goal remains to sell more than 500,000 vehicles in 2020.
According to several analysts, Tesla's good performance for the second quarter increases the likelihood of including its shares in the calculation of the Standard & Poor's 500 stock index, MarketWatch reports.
In early July, Tesla reported that in the second quarter it produced 82,272 thousand electric vehicles, and deliveries amounted to 90.650 thousand.
The company's stock price jumped more than 5% in additional trading on Wednesday after the report was published. Tesla's capitalization has soared by 280% since the beginning of this year. By comparison, the S&P 500 rose just 1% over this period, while the Dow Jones Industrial Average fell about 6%.