Earnings Forecast Revision Scan: Tesla Motors, Inc. (NASDAQ:TSLA)

PALO ALTO Tesla Motors on Wednesday trounced expectations and reported a surprise third-quarter profit as the electric auto maker set a new record for quarterly revenue and said it is on track to meet its ambitious projections for vehicle deliveries in the second half of the year.

Tesla reported net income of $21.9 million, or 14 cents per share, up from a loss of $229.9 million in last year’s July-September period.

Tesla snapped its 13-quarter losing streak with a slim third-quarter profit of $21.9 million on $2.3 billion revenue, a 145 percent increase from previous year. FactSet analysts are expecting Tesla sales to reach $2.34 billion in the quarter as compared with $1.24 billion in the third quarter of 2015. The forecast had been for a 54-cent a share loss in a survey of seven analysts that was complicated by changes in the way Tesla reports.

The Company ended its last session at $202.76 by Surging 1.33%.

Musk, who is SolarCity’s chairman and top shareholder as well as being Tesla’s chief executive, has said he plans to provide more financial details on the deal on November 1 ahead of a vote by shareholders of both companies on November 17. The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Deliveries grew 114% from the prior-year period, comprising of 16,047 Model S and 8,774 Model X vehicles.

In addition to reaping $139 million in clean-car credits, Tesla said it eked out a $22 million third quarter profit by slashing capital spending.

The company will ramp up production to match the growth of its “Tesla Energy” products and then outpace them in mid-2017 to start supporting Model 3 production. Over the last six months, Tesla Motors, Inc.’s stock has been -20.09% and -3.03% for the year. “The large luxury SUV category is three times the size of the large luxury sedan category in the USA, and represents a huge opportunity to further increase Model X sales.”, reports Tesla. Tesla shares jumped nearly 5% in after-hours trading to $211.83 on the news. The company’s upcoming model, the Model 3, has received 373,000 pre-orders and is expected to go on sale in the second half of 2017.

In conclusion, Tesla says that everything is going according to plan.

While looking at the Earnings Estimates of the company, The Average Earnings Estimate for the Current Fiscal quarter is measured as $0.37 by 15 analysts. Tesla stock responded to the by rising 5% immediately after results were released after the market’s close. Tesla expects capital expenditures in 2016 to be about $1.8 billion as the company continues to focus on capital efficiency.