November 1, 2017 / 8:46 PM / a month ago

BRIEF-Tesla posts qtrly net loss per share attributable to stockholders $3.70

Nov 1 (Reuters) - Tesla Inc:

* Cash balance of $3.5 billion entering Q4 2017

* Tesla says about 100,000 Model S and X deliveries projected for 2017

* “Model 3 production steadily increasing”

* Qtrly GAAP net loss per share attributable to common stockholders $3.70

* Qtrly total revenue $2.98 billion versus $2.30 billion

* Capital expenditures are expected to be approximately $1 billion in Q4‍​

* Currently expect to achieve a production rate of 5,000 Model 3 vehicles per week by late Q1 2018

* Says plans to produce about 10 percent fewer Model S and Model X in Q4 compared to Q3

* Expect Model 3 non-GAAP gross margin to reach breakeven by end of Q4, because of increased capacity utilization

* Qtrly non-GAAP net loss per share attributable to common stockholders $2.92

* Tesla says demand for Model 3 is not going to be a constraint for “quite a long time”

* Model 3 non-GAAP gross margin should improve rapidly in 2018 to co’s target of 25 percent

* In Q3, co delivered 25,915 Model S and Model X vehicles and 222 Model 3 vehicles, for a total of 26,137 deliveries

* Q3 earnings per share view $-2.29, revenue view $2.95 billion -- Thomson Reuters I/B/E/S

* “Believe that we are well capitalized to accommodate the revised ramp of Model 3 production to 5,000 per week”

* Recent production challenges may affect short-term costs, but have no impact on Model 3 non-GAAP gross margin target of 25 percent

* Mobile service fleet has expanded to 160 service units in Q3, and co is expecting this number to almost double by the end of this year

* Gross profit expected to grow more than operating costs in Q4 versus Q3; operating costs expected to be flat to up slightly in Q4

* Expect non-GAAP automotive gross margin to temporarily decline slightly in Q4 to about 15 percent and then recover starting in Q1

* Solar roof installations will initially ramp slowly in Q4 as co moves the production process from fremont to Gigafactory 2 in Buffalo

* Nature of manufacturing challenges makes it difficult to predict exactly how long it will take for all Model 3 bottlenecks to be cleared

* Nature of manufacturing challenges makes it difficult to predict when new Model 3 bottlenecks will appear

* "Expect to ramp solar roof production considerably in 2018"​ Source text (bit.ly/2gVy0fI) Further company coverage:

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