InvestorPlace3 months ago
Tesla earnings (NASDAQ:TSLA) were below what analysts were calling for in the Wall Street consensus estimate, sending TSLA stock down after the bell on Wednesday.
The San Carlos, Calif.-based electric car maker reported mixed results for its fourth quarter of its fiscal 2018, but earnings missed expectations due to lower revenue in its sale of regulatory credits and increased import duties on its parts from China, as well as lower prices on some of its Model S and Model X vehicles in the Asian country.
Tesla said that for the period, it brought in adjusted earnings of $1.93 per share, which was below the $2.20 per share that analysts were calling for, according to data compiled by Refinitiv. On the revenue front, the company amassed sales of roughly $7.23 billion, ahead of the $7.08 billion that the Wall Street consensus estimate called for, per Refinitiv.
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However, the company did say that its cash position was better by the end of the quarter, improving to $1.45 billion. Tesla added that the company sees a bright 2019 ahead of it with higher revenues thanks to an increase in its production and deliveries this year.
The electric car maker projects that it will deliver 360,000 to 400,000 vehicles in 2019, roughly 45% to 65% more than its deliveries in 2018.
TSLA stock is declining roughly 1.9% after the bell on Wednesday following the company's underwhelming quarterly report, which included an earnings miss. Shares had been increasing about 3.8% as the company geared up to report for its last quarter of the fiscal year.
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