Tesla shares were up after posting better than expected earnings and profitable 3rd quarter for 2018.
- Adjusted earnings: $2.90 a share
- Revenue: $6.82 billion
- Net income of $311.5 million, or $1.75 per share compared to a loss of $619.4 million, or $3.70 per share last year
- Revenue was up 70.5% from $4 billion a year ago.
According to the company, "The Model 3 production system stabilized in Q3. We went from a steep S-curve to more gradual monthly improvements. Among other things, we made the changes necessary to enable production of an All-Wheel Drive (AWD) version of Model 3, and we did this without disrupting our production rate. We started the quarter producing only Rear Wheel Drive (RWD) Model 3s and ended the quarter producing almost entirely AWD cars. Even though AWD cars are significantly more complex to build, we produced 5,300 Model 3s in the last week of Q3. Labor hours per Model 3 decreased by more than 30% from Q2 to Q3, falling for the first time below the level for Model S and X. In Q4, we will focus even further on cost improvements while continuing to increase our production rate."
Read the full earnings report here: http://ir.tesla.com/static-files/725970e6-eda5-47ab-96e1-422d4045f799
Listen to the earnings call: http://ir.tesla.com/events/event-details/tesla-inc-q3-2018-financial-results-and-qa-webcast