NEW YORK (
(TSLA - Get Report)
reported better-than-expected quarterly results, but investor concerns about fourth-quarter deliveries sent shares sharply lower.
Palo Alto, Calif.-based Tesla reported earnings of 12 cents a share on $603 million in revenue, as the company delivered 5,500 Model S units during the quarter. Analysts surveyed by
were expecting Tesla to report earnings of 11 cents a share on $534.64 million in revenue.
Tesla said it expects to "deliver slightly under 6,000 Model S vehicles in Q4, which increases our total expected deliveries to 21,500 vehicles worldwide for 2013."
Additionally, the company noted, "ASPs are expected to be relatively flat sequentially as we continue to see a rich mix of options on incoming orders. Model S gross margin may continue to make slight improvements over the next several quarters as we continue to drive down manufacturing costs. While we expect to achieve our target of 25% non-GAAP automotive gross margin in Q4 (assuming no contribution from ZEV credits), further progress is likely if customers continue to purchase our vehicles with a high option take rate."
Shares were down 12.3% to $155.10 in after-hours trading, following the call.
Written by Chris Ciaccia in New York