Shares of Tesla Motors, Inc. (TSLA) are up 6% in the extended session Wednesday, after the electric car maker reported third quarter revenue and EPS that beat analysts’ expectations.
The company handed in earnings of $0.02 per share for the quarter versus EPS expected loss of $0.01. Revenue in the three months ended in September came in at $932 million, compared to the consensus estimate of $889.28 million. On a GAAP basis, the company lost $75 million – consistent with past guidance.
The electric car maker said in its 3Q shareholder letter that it had expected to sell 35,000 cars worldwide in 2014, however Tesla reported that 2014 sales will come in at 33,000, citing hardware changes to the all-wheel drive Model S. Despite the missed target, Tesla says it expects to make 50% more cars next year.
TSLA ended today’s regular session down 3.33% to $230.97 with an average 30 day trading volume of 6.65 million shares. The name, currently trading at a 2015 forward price-to-earnings multiple of 69.60x, has a 52wk range of $116.10 – $291.42. Tesla has a current market cap of $28.79 billion and a t12 P/S ratio of 12.22. Since its 2010 initial public offering priced at $17 a share, the stock has risen about 1,103 percent to about $242 as of Wednesday’s AH trading.