Elon Musk’s electric car and renewable energy company, Tesla, reported third-quarter results after the bell on Wednesday. The stock rose about 3% after hours as the company beat expectations on EPS and revenue, and reported its fifth consecutive quarter of profit.
Here is how Tesla performed versus analyst expectations:
Earnings per share (adjusted): 76 cents vs 57 cents, per Refinitiv
Revenue: $8.77 billion vs $8.36 billion, per Refinitiv
Net income (GAAP): $331 million vs $394 million, per Refinitiv
The company already reported that it delivered 139,300 vehicles during the quarter, a new record for Tesla.
Automotive revenue comprised $7.6 billion, about 91% of the total for the quarter. Automotive gross margins, excluding regulatory credits, rose from 18.7% to 23.7% sequentially. Tesla raked in $397 million in regulatory credits during the quarter nearly doubling the amount it made from these “green” credits year-over-year.
At Tesla’s 2020 annual shareholder meeting and battery day presentation in September, Musk said that vehicle deliveries in 2020 would be up 30% to 40% from last year, implying a range from 477,750 to 514,500 deliveries total.
Operating expenses jumped 33% from last quarter to $1.25 billion, as Tesla embarked on building new factories in Austin, Texas and Brandenburg, Germany, among other things.