NEW YORK (TheStreet) –– Tesla Motors (TSLA) has been a darling of Wall Street over the past eighteen months, as the Elon Musk-led company has defied critics, building an electric car company that seems poised to last.
Tesla earned an adjusted 2 cents a share on $932 million in revenue, as it delivered 7.785 Model S units during the quarter. Analysts surveyed by Thomson Reuters expect the company to lose an adjusted 1 cent a share on $889.28 million in revenue.
For the full year, Tesla said it expects deliveries to be around 33,000 units, due to "the complexity of launches related to dual motor and autopilot hardware. Consequently, we expect to deliver approximately 33,000 vehicles for 2014." Tesla cited a deficit in production of 2,00 units in the third quarter. The company had previously forecast 35,000 units delivered in 2014.
The company did note that previous projections for 2015 are unaffected.
Palo Alto, Calif.-based Tesla also said that it expects to earn an adjusted 30 to 35 cents a share in the fourth quarter, with 143 million and 145 million diluted shares outstanding in the quarter.
Tesla stated that the Model X would be pushed back to the third quarter of 2015, as it works to get Alpha and Beta prototypes and testing complete. "We recently decided to build in significantly more validation testing time to achieve the best Model X possible," CEO Elon Musk said in the shareholder letter. "This will also allow for a more rapid production ramp compared to Model S in 2012. In anticipation of this effort, we now expect Model X deliveries to start in Q3 of 2015, a few months later than previously expected. This also is a legitimate criticism of Tesla- we prefer to forgo revenue, rather than bring a product to market that does not delight customers. Doing so negatively affects the short term, but positively affects the long term. There are many other companies that do
not follow this philosophy that may be a more attractive home for investor capital. Tesla is not going to change."
On the earnings call, Musk said the company feels very confident with producing 50,000 Model S units next year. "We feel very confident with 50,000 Model S vehicles a year," Musk said. "It's probably more than that, but that's the number we're confident in. There are other macro economic factors that play into it, so difficult to be for certain, but 50,000 is a number we're pretty confident even if economies aren't great in certain parts of the world." Musk also touched on the prospects of raising capital, saying the company may not need to raise any more money until the Model 3. "If there was something we could think of to spend money on without being wasteful we would, but it's quite hard."
Shares were moving sharply higher in after-hours trading, gaining 6.4% to $245.90.