Tesla Motors released the earnings results from its most recently completed quarter after closing bell tonight. The automaker posted non-GAAP losses of 36 cents per share or $45 million on non-GAAP sales of $1.1 billion, a 55% increase from last year. Analysts had been expecting losses of 50 cents per share and $1.04 billion in sales. In last year’s first quarter, Tesla reported earnings of 12 cents per share on $620.5 million in revenue.
Key metrics from Tesla Motors’ earnings report
Tesla reported GAAP revenue of $940 million and GAAP losses of $1.22 per share for the quarter. Gross margin was 28.2% on a non-GAAP basis and 27.7% on a GAAP basis. Non-GAAP automotive revenue was $1.06 billion, while services and other revenue increased 47% year over year to $46.6 million. The average selling price of the Model S increased a bit as a result of a full quarter of P85D sales, although that benefit was partially offset by the strengthening of the U.S. dollar.
The automaker also updated its delivery number to 10,045 cars in the quarter. Tesla had reported shortly after the end of the March quarter that it had delivered about 10,030 Model S sedans during the quarter. The company also announced at that time that within days of the end of each quarter, it will preannounce the number of cars it delivered during that quarter. In last year’s first quarter, Tesla only delivered 6,457 cars, a 55% improvement from last year.
Tesla improves efficiency
The automaker produced 11,160 vehicles during the quarter, surpassing its own expectations by 10% and continuing to improve efficiency. Tesla said it produced more than 1,000 per week on average.
Tesla management said tonight they expect to produce approximately 12,500 vehicles in the June quarter and deliver between 10,000 and 11,000 vehicles during the quarter, coming up short of the consensus estimate. Analysts had been expecting Tesla to deliver 12,000 cars in the June quarter and see $1.28 billion in revenue with losses of 3 cents per share.