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UPDATE 1-Tesla reports wider loss, more Model S production
November 5, 2012 / 12:20 PM / 5 years ago

UPDATE 1-Tesla reports wider loss, more Model S production

Nov 5 (Reuters) - Tesla Motors Inc reported a bigger quarterly loss on Monday as it ramped up production of its Model S sedan, and the electric carmaker maintained its 2012 revenue outlook.

Tesla said its third-quarter loss had widened to $110.8 million, or $1.05 per share, from $65.1 million, or 63 cents per share, a year earlier.

Excluding one-time items, Tesla reported a loss of 92 cents per share, compared with analysts’ expectations of a loss of 90 cents, according to Thomson Reuters I/B/E/S.

Revenue came to $50 million, up 16 percent from a year earlier and up 88 percent from the previous quarter. Analysts had expected $48.3 million.

Palo Alto, California-based Tesla maintained its 2012 revenue outlook of between $400 million and $440 million. In late September, the company had cut its previous forecast of $560 million to $600 million due to a slower-than-anticipated rollout of its key product, the Model S.

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