Tesla’s Quarter One report was delivered as promised after the bell on Wednesday and this is how things shake out:
- The green car automaker made 7,535 Model S units, which was up from 6,587 at the end of 2013.
It delivered 6,457 units, which was below Quarter Four’s 6,892.
- Tesla predicts it will produce up to 9,000 Model units and deliver 7,500 in Q2.
- Tesla’s (TSLA) gross margin was 25.4 percent, which was 20 bps higher from quarter to quarter in spite of the fact that it held a $2 million reserve for underbody shield retrofits. The gross margin is expected to improve throughout the year and reach 28 percent by Quarter 4.
- Tesla had an operating cash flow of $61 million and its capex totaled $141 million. the full year forecast is still at around $650-850 million.
- Tesla expects to be “marginally profitable” in the second quarter, but its full-year free cash flow is expected to be a tad negative.
- Tesla’s shares are currently down 4.9 percent.
Come to TeslaDaily.com tomorrow for even more news about Elon Musk and company’s first quarter news.
Source: Seeking Alpha