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The stock was rising 6.22% to $617.15 a share in postmarket trading Wednesday, after having risen 2.49% in regular trading hours.
Adjusted earnings per share for the quarter ended December came in at $2.14, beating Wall Street estimates of $1.77 and growing 7% year-over-year. Revenue was $7.384 billion, beating analyst's estimates of $6.99 billion and growing 17%.
The closely watched gross and operating margins came in at 18.8% and 4.9%, respectively. Gross margin beat expectations of 18.7% while operating margin missed estimates of 5.2%. Free cash flow was $1.03 billion, beating estimates of $429 million.
Significantly, management guided for full-year 2020 deliveries of 500,000, saying the company can "comfortably exceed" that estimate. Wall Street had modeled 476,000 deliveries for the year. The company delivered roughly 367,500 cars in 2019.
Tesla also said it expects profits on both a net income and free cash flow basis going forward, "with possible temporary exceptions, particularly around the launch and ramp of new products."
The company also said production of its crossover SUV Model Y has begun, as has the production of the Model 3 in Shanghai, China. China is a key growth market.
For 2019, management said, "We achieved strong cash generation through persistent cost control across the business. Our pace of execution has also improved significantly, as we have incorporated many learnings from our experience launching Model 3 in the United States. As a result, we were able to start Model 3 production in Gigafactory Shanghai in less than 10 months from breaking ground and have already begun the production ramp for Model Y in Fremont."
Tesla stock is up 34.8% to start the new year.