The electric carmaker reported quarterly revenue of $7.23 billion and non-GAAP EPS of $1.93. Analysts polled by FactSet had expected revenue of $7.12 billion and non-GAAP EPS of $2.20 for the quarter.
Additionally, Tesla also reported cash and cash equivalents of $3.7 billion as of the end of the fourth quarter. The company wrote in a letter to investors that it has "sufficient cash on hand to comfortably settle in cash our convertible bond that will mature in March 2019."
Tesla has $1.5 billion in convertible debt that matures this year, including $920 million due for repayment in March.
"Given their cash flow and existing cash, it shouldn't be a surprise, but i think it does show that they feel comfortable with a self-funding model, at least in the near term," said Wedbush's Dan Ives of the debt repayment.
Looking ahead, Tesla expects to deliver between 360,000 and 400,000 total vehicles in 2019, which represents a growth of approximately 45% to 65% compared to 2018. In the current quarter, it also plans to begin delivering vehicles to Europe and to China, which the company points to as its next big frontier of demand for the Model 3. It also plans to build a new production facility in Shanghai this year.
In a recent letter, which announced a 7% layoff, Musk told employees "the road ahead is very difficult" in delivering Model 3 variants to as many markets as possible where people can afford them.
"If you look at unit delivery forecasts, it's within the street's expectations, but a bit soft around the expectation," added Ives. "There's a huge balancing act right now between ramping up deliveries to Europe and building the Shanghai gigafactory."
On a conference call with investors, CEO Elon Musk said that the Shanghai factory would go up "like lightning" this year and reiterated that it would be funded by local Chinese banks. Tesla says that inclusive of the Shanghai facility, it expects to produce 10,000 vehicles per week by the end of the year.
Responding to a question about global demand for the Model 3 -- a subject often dissected by Tesla bulls and bears -- Musk said that "my best guess for demand for the Model 3 is 700,000 or 800,000 units per year, in a strong economy," and 40% less than that in a recession.
At the end of the call, Musk announced that CFO Deepak Ahuja plans to retire. He will be replaced by Zach Kirkhorn, now a VP of finance at Tesla.
Shares were volatile after-hours and down approximately 3.5% as of 6:45 p.m. ET.
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