Tesla (TSLA) Q2 Loss Wider Than Expected, Revenues Beat
Zacks Investment Research | Aug 03, 2017 08:55AM ET
Tesla, Inc.’s (NASDAQ:TSLA) adjusted loss was $2.04 per share in the second quarter of 2017 compared with an adjusted loss of $1.54 in the year-ago quarter. The loss was wider than the Zacks Consensus Estimate of a loss of $2.00.
The reported net loss in the quarter was $401.4 million compared with the year-ago loss of $293.2 million.
Revenues skyrocketed almost 200% to $2.79 billion from $1.27 billion recorded in second-quarter 2016. The figure also surpassed the Zacks Consensus Estimate of $2.55 billion.
Tesla delivered 47,077 vehicles in the first half of 2017. In second-quarter 2017, the combined sales of Model S and Model X surged 52% from the year-ago figure.
Revenues from Automotive sales rose to $2.01 billion in the reported quarter from $1.03 billion a year ago.
Energy generation and storage revenues soared from $3.9 million in the second quarter of 2016 to $286.8 million in the reported quarter, a massive rise of 7166%.
Services and Other revenues rallied to $216.2 million from $84.2 million in the year-ago quarter.
Tesla’s second-quarter automotive gross margin was 25%, down 285 basis points (bps) from first-quarter 2017 due to variation in product mix and the absence of one-time advantage of Autopilot software, recognized in the same period.
Energy generation and storage gross margin declined 11 bps sequentially in the quarter.
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