Tesla Motors Inc (NASDAQ:TSLA) has reported its earnings today and said net income hit $17 million (12 cents per share) excluding one-item items. Tesla’s adjusted revenue totaled $713 million. Analysts were expecting earnings per share of 10 cents on revenue of $699 million, according to the Thomson Financial Network.
Tesla delivered 6,457 Model S sedans to customers and built 7,535 during the quarter. Tesla expected to deliver 6,400 and produce 7,400 based on an earlier guidance report provided to analysts. Tesla Motors said it expects to deliver 7,500 Model S sedans in the second quarter, putting it on track for 35,000 this year.
Tesla Motors is expecting to invest between $650 and $850 million this year. This includes an increase in production capacity and the number of: stores, service centers, and Superchargers. Tesla will also invest in the development of the Model X SUV and the Gigafactory battery plant. Tesla is expecting to ramp up production of the Model X in spring 2015.
The electric car company lost $49.8 million (40 cents a share) in the quarter on $620.5 million in sales. The results beat Wall Street expectations, but Tesla’s stock dropped more than 7 percent in after-hours trading due to production delays of the Model X.