May 2, 2018 / 8:32 PM / 7 months ago

BRIEF-Tesla Reports Q1 GAAP Net Loss Of $4.19 Per Share

May 2 (Reuters) - Tesla Inc:

* QUARTERLY GAAP NET LOSS PER SHARE $4.19

* QUARTERLY NON-GAAP NET LOSS PER SHARE $3.35

* QUARTERLY TOTAL REVENUE $3.41 BILLION VERSUS $2.70 BILLION REPORTED LAST YEAR

* Q1 EARNINGS PER SHARE VIEW $-3.58, REVENUE VIEW $3.22 BILLION -- THOMSON REUTERS I/B/E/S

* MODEL 3 PRODUCTION HIT 2,270/WEEK IN APRIL FOR THE 3RD STRAIGHT WEEK OVER 2,000

* QUARTERLY ZEV CREDIT REVENUE RECOGNIZED NEGATIVE $50.3 MILLION VERSUS NEGATIVE $179.1 MILLION REPORTED IN Q4 2017

* CASH BALANCE OF $2.7 BILLION AT THE END OF Q1

* SAYS EXPECTING POSITIVE GAAP NET INCOME AND POSITIVE CASH FLOW IN Q3 AND Q4 2018

* SAYS 2018 CAPEX PROJECTION REDUCED FROM >$3.4 BILLION TO <$3 BILLION

* SAYS DURING Q2, EXPECT TO SHUT DOWN PRODUCTION FOR ABOUT 10 DAYS, WHICH INCLUDES THE SHUTDOWN CO TOOK IN APRIL

* SAYS GOAL IS TO PRODUCE APPROXIMATELY 5,000 MODEL 3 VEHICLES PER WEEK IN ABOUT TWO MONTHS

* SAYS PRIOR TO PLANNED SHUTDOWN IN MID-APRIL TO FURTHER INCREASE PRODUCTION, PRODUCED MORE THAN 2,000 MODEL 3 VEHICLES FOR THREE STRAIGHT WEEKS

* SAYS DURING Q2, EXPECT TO SHUT DOWN PRODUCTION FOR ABOUT 10 DAYS, TO ADDRESS BOTTLENECKS ACROSS LINES AND INCREASE PRODUCTION TO NEW LEVELS

* SAYS INTEREST EXPENSES IN Q2 SHOULD AMOUNT TO ROUGHLY $160 MILLION

* SAYS ARE IN THE PROCESS OF CHANGING THE QUARTERLY PRODUCTION PATTERN OF MODEL S AND X VEHICLES FOR THE VARIOUS WORLDWIDE REGIONS

* SAYS "WE WILL AT LEAST ACHIEVE POSITIVE NET INCOME EXCLUDING NON-CASH STOCK BASED COMPENSATION IN Q3 AND Q4"

* SAYS MODEL S AND X DELIVERIES IN Q2 WILL LIKELY BE SIMILAR TO Q1 BUT SHOULD PICK UP CONSIDERABLY IN Q3 TO ACHIEVE GOAL OF 100,000 DELIVERIES FOR FY

* SAYS EXPECT TO ALSO ACHIEVE FULL GAAP PROFITABILITY IN Q3 AND Q4

* SAYS LONG-TERM GROSS MARGIN TARGET OF 25% FOR MODEL 3 HAS NOT CHANGED

* SAYS SIGNIFICANTLY CUT BACK CAPEX PROJECTIONS BY FOCUSING ON "CRITICAL NEAR-TERM NEEDS THAT BENEFIT US PRIMARILY IN THE NEXT COUPLE OF YEARS"

* SAYS SOLAR BUSINESS LIKELY TO EXPERIENCE MILD GROWTH FOR ANOTHER QUARTER OR 2 BEFORE REVISED SALES STRATEGY STARTS TO SHOW FULL IMPACT IN FINAL DEPLOYMENTS

* SAYS Q2 LOSSES ATTRIBUTABLE TO NON-CONTROLLING INTEREST SHOULD REMAIN IN LINE WITH THE LAST QUARTER

* SAYS ENERGY STORAGE GROSS MARGINS SHOULD BECOME POSITIVE IN THE SECOND HALF OF 2018

* SAYS "DEMAND FOR OUR FLAGSHIP MODEL S AND MODEL X VEHICLES REMAINS VERY STRONG"

* SAYS ASP SIGNIFICANTLY HIGHER THAN PRIOR PROJECTIONS FOR MODEL 3, SO CO EXPECTS TO ACHIEVE HIGHER GROSS PROFIT PER VEHICLE THAN PREVIOUSLY ESTIMATED

* SAYS HIGHER NUMBER OF MODEL S AND MODEL X VEHICLES IN TRANSIT AT Q1-END VERSUS Q4 2017 HAD NEGATIVE IMPACT OF ABOUT $120 MILLION ON WORKING CAPITAL

* SAYS SHORT-TERM OPERATIONAL & LOGISTICAL ISSUES LED TO AN INCREASE IN NUMBER OF MODEL S & MODEL X VEHICLES IN TRANSIT TO CUSTOMERS AT END OF Q1

* SAYS OVER HALF OF Q1 CAPEX RELATED TO COMPLETION OF WORK FOR MODEL 3 PRODUCTION CAPACITY AT FREMONT, GIGAFACTORY 1, PAYMENTS TO SUPPLIERS FOR TOOLING

* SAYS MODEL 3 NET RESERVATIONS, INCLUDING CONFIGURED ORDERS THAT HAD NOT YET BEEN DELIVERED, CONTINUED TO EXCEED 450,000 AT THE END OF Q1

* SAYS RECENT VOLUNTARY RECALL OF 125,000 MODEL S VEHICLES RELATED TO STEERING BOLT CORROSION WAS NOT MATERIAL TO CO'S WARRANTY RESERVES

* SAYS IN ORDER TO ACHIEVE PRODUCTION RATE FOR MODEL 3, CO PLANS TO TAKE ADDITIONAL DAYS OF DOWNTIME DURING Q2

* SAYS "WE ARE ALREADY SEEING MANY BENEFITS FROM HEAVILY INCREASING AUTOMATION AS PART OF THE MODEL 3 PRODUCTION PROCESS"

* SAYS AFTER ACHIEVING PRODUCTION RATE OF 5,000/WEEK FOR MODEL 3, CO WILL GIVE OPTIONS LIKE ALL-WHEEL-DRIVE, BASE MODEL WITH STANDARD-SIZED BATTERY PACK Source text: bit.ly/2jlUg3I Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below