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Tesla shares rally 10% in pre-market trade after upbeat Q4 earnings

Published 02/20/2014, 06:57 AM
Updated 02/20/2014, 06:57 AM
Tesla shares rally in pre-market trade after upbeat Q4 earnings

Tesla shares rally in pre-market trade after upbeat Q4 earnings

Investing.com - Tesla Motors saw shares rally sharply in pre-market trade on Thursday, after the electric car company reported a narrower than expected loss in the fourth quarter and gave a strong 2014 outlook.

Investors bought the stock after the company’s fourth quarter earnings report showed that it lost $16.2 million in the final three months of 2013, or 12 cents per share, narrowing a year-ago loss of $89.9 million, or 79 cents a share.

Adjusted to exclude one-time items, however, the company swung to a profit of $45.9 million, or 33 cents a share. Revenue for the quarter rose to $615.2 million from $306.3 million a year ago.

Analysts had predicted the electric car maker would post adjusted earnings of 23 cents a share on $684 million in revenue.

The company, led by billionaire entrepreneur Elon Musk, said deliveries of its luxury Model S electric sedan would surge more than 55% this year.

"Deliveries will grow dramatically in future quarters as the logistics pipeline fills," the company said.

Tesla also shed some light on its plans for building a lithium-ion battery plant, or "Gigafactory," that will cut battery costs and allow the company to launch a more affordable electric car in 2017.

Tesla shares jumped 10% to $213.00 in trading prior to Thursday’s opening bell.

Meanwhile, U.S. stock futures pointed to a mildly lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.1% at the open, S&P 500 futures dipped 0.1%, while the Nasdaq 100 futures shed 0.1%.

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