This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tesla Soars on Q2 Profit

NEW YORK (TheStreet) -- Tesla Motors (TSLA) shares surged 8.8% to $146.00 in after-hours trading, according to Nasdaq.com, following earnings that blew past Wall Street expectations.

The electric car maker, led by CEO Elon Musk, earned 5 cents a share on $405 million in revenue, as global deliveries of the Model S surged to 5,150 units for the quarter. Gross margin for the quarter was 22%, despite a reduction in ZEV credits, something investors had been worried about.

Analysts polled by Thomson Reuters expected Tesla to lose 17 cents a share on $383.4 million in revenue for the second quarter.

"During Q2, we improved our production rate by 25% from 400 to almost 500 vehicles per week. 5,150 cars were delivered during the quarter, significantly surpassing our expectation of 4,500 deliveries," CEO Elon Musk said in the letter to shareholders. "In the quarter, we produced several hundred more Model S vehicles for use as service loaners, for customer test drives and for deliveries to European customers in Q3. We are now doing final assembly and testing of vehicles at our European manufacturing facility in Tilburg, Netherlands."

For the third quarter, Tesla said it expects to deliver slightly over 5,000 cars as the company expands into Europe, and remains on track to deliver 21,000 Model S units during the year. The company said it expects non-GAAP gross margins to be "in the low 20% range, with continuing improvements in Model S vehicle margin, offset by significantly lower ZEV credit revenue."

Tesla shares closed the regular session lower, losing 5.6% to finish at $134.17.

--Written by Chris Ciaccia in New York

>Contact by Email.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,945.57 -138.23 -0.81%
S&P 500 1,979.33 -8.65 -0.44%
NASDAQ 4,450.1660 -21.9420 -0.49%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs