Tesla Motors (TSLA) shares are down close to 6% to about $189 and change in after-hours trading Wednesday after the electric-car maker reported a GAAP net loss of $50 million, or 40 cents a share for the first quarter ended March 31, 2014.
But excluding special items, the company reported adjusted earnings of $0.12 per share, beating analysts expectations of EPS of $0.06 per share. Adjusted revenue came in at $713 million for the quarter, up 27% from a year ago, while GAAP was $621 million. The company says it generated $61 million in cash flow from operations during the quarter.
Tesla said it made 7,535 model S cars during the quarter, beating its own projections that it would make 7,400. Management expects about 7,500 deliveries in Q2’14 and has estimated that production this year would be 35,000 cars. That’s a 55% increase over the number of cars delivered the year before.
Tesla also said it has high expectations for expanding its customer base in Europe and as it enters the Chinese market.
“We plan to expand in China as fast as possible because we believe the country could be one of our largest markets within a few years,” said CEO Elon Musk in a statement on the earnings, adding that to support the company’s global growth Tesla is “aggressively accelerating the rate at which [it] open stores and service centers.”
Tesla said this year plans to increase the number of locations from 2013 by more than 75%.
Tesla shares closed Tuesday at $207.28, up 262% y/y. They’ve tumbled from the $265 all-time high they hit on Feb. 26.
Tesla is up 182 points, or 947%, since its June 29, 2010 IPO.