SCTY Solarcity Corp.

Tesla Motors Inc. posted the second quarterly profit in its history as a public company, as the auto maker had its best sales period on record, helped by the new Model X sport-utility vehicle.

The Palo Alto, Calif., company posted a profit of $21.9 million, or 14 cents a share, compared with a loss of $229.9 million, or $1.78 a share, in the year-earlier quarter. On an adjusted basis, the company posted per-share earnings of 71 cents. Revenue shot up to $2.3 billion from $936.8 million.

The company also said it expects to post a profit in the fourth quarter, excluding some stock-based compensation.

Tesla shares rose 5.5% to $213.44 in after-hours trading following the third-quarter report.

Deliveries of Model S sedans and Model Xs rose to 24,821 during the quarter, more than double the same quarter in 2015. That included 8,774 Model Xs, which are new. The company also said an additional 5,065 vehicles were in transit to customers at the end of the quarter, which would be recorded as deliveries for the fourth quarter.

The auto maker it is on track to make 50,000 vehicles in the second half of the year.

Increased sales helped the company churn a profit as Chief Executive Elon Musk pushes the company to create new models, including the Model 3 sedan slated for next year, and to finish building the world's largest battery factory.

The improved results could assist him in making the case that he can handle merging with SolarCity Corp. and help him raise additional cash down the road. The combined companies may ultimately need to raise $12.5 billion for spending through 2018, according to estimates by Oppenheimer, while others say Mr. Musk needs less. Tesla and SolarCity shareholders will decide on Nov. 17 whether to merge.

Tesla ended the third quarter with $3.1 billion of cash and cash equivalents, compared with $3.2 billion at the end of the second quarter.

(END) Dow Jones Newswires

October 26, 2016 17:05 ET (21:05 GMT)

Grafico Azioni Solarcity Corp. (NASDAQ:SCTY)
Storico
Da Apr 2024 a Mag 2024

Grafico Azioni Solarcity Corp. (NASDAQ:SCTY)
Storico
Da Mag 2023 a Mag 2024