Tesla Motors Reaches 52-Week High - Analyst Blog
May 15 2013 - 5:17AM
Zacks
Shares of Tesla Motors Inc. (TSLA) hit a new
52-week high of $97.12 on May 14, which is above its previous level
of $88.00 a day before, and closed at $83.24 on the same date. The
closing price represented a whopping one-year return of 176.9% and
year-to-date return of 135.4%.
The Palo Alto, California-based leading manufacturer of electric
vehicles and electric vehicle powertrain components has a market
cap of $10.05 billion. Average volume of shares traded over the
last three months stood at approximately 4,651.6K.
Shares of the company started escalating following the release of
its surprising 2013-first quarter results on May 8. The company
posted its first-ever quarterly profit of $15.4 million, or 12
cents per share, on an adjusted basis, in the first quarter of 2013
compared with a loss of $79.3 million or 76 cents in the
corresponding quarter of 2012. This indicates a whopping positive
earnings surprise of 271.4% given the Zacks Consensus Estimate of a
loss of 7 cents for the quarter.
Revenues jumped manifold to $561.8 million from $30.2 million in
the first quarter of 2012. Thanks to the impressive 5,000 units of
Model S electric car sales during the quarter.
The automaker continued to supply full electric powertrains and
battery packs to Toyota Motor Corp. (TM) for their
RAV4 EV program. It also completed various deliverables under
Daimler’s (DDAIF) Mercedes Benz B-Class EV
program, which contributed to total development services revenues
of nearly $7 million.
Although, total gross margin decreased to 17.1% from 33.8% a year
ago but rose from 7.8% in the fourth quarter of 2012 due to higher
Model S production rate, manufacturing efficiencies, cost reduction
measures and regulatory credit sales.
Tesla expects to manufacture 5,000 Model S vehicles in the second
quarter of the year. For full year 2013, the company expects to
deliver 21,000 Model S cars globally, up 5% from its prior guidance
of 20,000 units.
Tesla also plans to spend about $200 million as capital
expenditures in 2013, as it concludes the majority of investments
in the Tesla Factory and Model S tooling. Capital expenditures also
include the expansion of services, store development, Supercharger
networks and new product development.
Currently, shares of Tesla retain a Zacks Rank #3, which implies a
short-term (one to three months) Hold rating. Peugeot
S.A. (PEUGY) with a Zacks Rank #2 (Buy) is performing well
in the broader automotive industry.
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