Tesla Surges as Delivery Guidance Increases

NEW YORK ( TheStreet) -- Tesla ( TSLA) was popping 4.04% to $58.39 in afterhours trading after the electric car maker reported first-quarter results that topped Wall Street's expectations as production and deliveries soared.

Tesla's first quarter sales jumped 83% to $562 million, exceeding the average analyst estimate of $500 million. Production and deliveries soared more than 80%, surpassing the company's own targets.

During the first quarter, the company produced 400 or more Model S vehicles a week, for a total of over 5,000.

Tesla recognized 4,900 vehicles as revenue, exceeding its initial first-quarter guidance of 4,500, despite physically delivering a higher number of vehicles. The standard for revenue recognition was extremely high, the company said in a statement.

The car maker swung to net income of $11.248 million in the March-ended quarter, or flat earnings per share, from a loss of $89.873 million, or 86 cents a share the same time last year.

Adjusted earnings for the quarter were 12 cents a share, beating estimates of 4 cents a share. Gross margin doubled from last quarter to 17%.

For 2013, the electric automaker raised its global deliveries guidance to about 21,000 vehicles, up from its prior goal of 20,000.

Written by Andrea Tse in New York

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