Reuters: Global Markets: Tesla reports wider loss, more Model S production

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Tesla reports wider loss, more Model S production Nov 5th 2012, 13:11 Tweet Share this Email Print Related News Avon slashes dividend as profit plunges, eyes cost cuts Thu, Nov 1 2012 GM sees European operations breaking even by mid-decade Wed, Oct 31 2012 Mylan profit jumps on higher generic sales in North America Thu, Oct 25 2012 Facebook mobile revenue grows faster than expected Tue, Oct 23 2012 Analysis & Opinion Procter & Gamble earnings give CEO McDonald some relief Related Topics Investing Simplified » Hot Stocks » Asian Markets » A customer drives a Model S out of Tesla's factory in Fremont, California, June 22, 2012. Credit: Reuters/Noah Berger Mon Nov 5, 2012 8:11am EST (Reuters) - Tesla Motors Inc (TSLA.O) reported a bigger third-quarter loss on Monday as it ramped up production of its Model S sedan, and the electric carmaker maintained its 2012 revenue outlook. Shares of Tesla were up 4.1 percent at $30.10 in trading before the market opened. The company said in a letter to shareholders posted on its website that weekly Model S production had risen to 100 cars by the end of the quarter and was now up to 200. By December, it will be making 400 cars per week, Tesla said. That would be an increase from only five cars per week in early July, Tesla said. Tesla said its third-quarter loss had widened to $110.8 million, or $1.05 per share, from $65.1 million, or 63 cents per share, a year earlier. Excluding special items, mainly stock-based compensation expenses, Tesla reported a loss of 92 cents per share, compared with analysts' expectations of a loss of 90 cents, according to Thomson Reuters I/B/E/S. Revenue came to $50 million, up 16 percent from a year earlier and up 88 percent from the previous quarter. Analysts had expected $48.3 million. Palo Alto, California-based Tesla maintained its 2012 revenue outlook of between $400 million and $440 million. In late September, the company had cut its previous forecast of $560 million to $600 million due to a slower-than-anticipated rollout of its key product, the Model S. The company ended the quarter with $109 million in cash. After the quarter ended, Tesla raised $222 million, bringing its total available cash to $330 million. Gross margin for the quarter was a negative 17 percent, due to costs associated with launching Model S sales and of spreading the expense of running the company's factory in Fremont, California, over a small number of cars produced. That margin will rise by the end of this year to half of the company's target of 25 percent, Tesla said in its letter to shareholders. (Reporting by Bernie Woodall; Editing by Lisa Von Ahn) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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