Shares of Tesla Motors (NASDAQ:TSLA) rallied $8.94 to $211.18 in extended trading Wednesday in New York after the company released third-quarter earnings results.
In its quarterly report, the electric car maker said it earned $0.71 per share, its first ever profit on a GAAP basis that came well above the $0.02 per share analysts were expecting. Revenue jumped 145.3% from Q315 to $2.30 billion, above views for $1.9 billion.
It should be noted that the company announced a change in its reporting methodology, saying that starting with this quarter, its financial releases “no longer include the non-GAAP revenue disclosures that [the company] historically provided.” To simplify its financial reporting, Tesla said it’s adding “back non-cash stock-based compensation (SBC) to calculate non-GAAP results.” The electric car maker also said that “consistent with previous quarters, non-GAAP automotive gross margin will also exclude ZEV [zero-emission vehicle] credit sales.”
During the third-quarter, Tesla reported deliveries of 24,821 vehicles, over 300 more than the company estimated earlier this month. Deliveries increased 114% on a year-over-year basis, and included 16,047 Model S and 8,774 Model X vehicles. Tesla also reiterated its second-half estimate of 50,000 deliveries. Additionally, management noted that 5,065 vehicles “were in transit to customers at the end of the quarter” and would be delivered in the fourth quarter.
Meanwhile, combined Q3 net orders for Model S and Model X vehicles grew 68% compared with the same period last year.
The $30 billion market cap company reported $3.1 billion in cash and equivalents on its books at the end of the quarter, down from $3.2 billion at the end of Q2.
Tesla said it expects to remain profitable in the final quarter of the year.