From StockNews.com: Tesla Inc (NASDAQ:TSLA) late Wednesday posted mixed fourth quarter earnings results, as its net loss was much wider than expected, but its top-line revenue growth surpassed expectations.

The Palo Alto-based electric car, battery, and solar systems maker reported adjusted Q4 EPS of ($0.69), which was a full $0.16 worse than the Wall Street consensus estimate of ($0.53).

Revenues surged 88.2% from last year, however, to $2.29 billion. That total, which investors tend to focus on more than Tesla’s bottom line, beat analysts’ expectations for $2.2 billion.

TSLA said that Model S and Model X electric vehicle net orders surged 49% from the year-ago period. As the company had preannounced recently, deliveries rose 27%.

Tesla also noted that its much anticipated Model 3 production will begin in a limited fashion in July. It then expects to be producing 5,000 vehicles per week by the end of Q4, and 10,000 vehicles per week by the end of 2018.

On the SolarCity side, Tesla said it would cut costs considerably by lowering ad spend, selling solar products in Tesla stores, and by shifting from its usual leasing program to instead selling its solar energy systems. Its focus in this segment is moving to cash preservation, rather than growth, in the near term. Later in the year, it expects to return more to growth mode on the solar side, once its post-merger cost savings are realized.

In other news, Gigafactory 1 has officially come online, with battery production already taking place there.

The company commented via press release:

We start 2017 well positioned to scale our business significantly. Model S and X net order growth remains strong, as we are continually evolving our products by elevating performance, convenience, and safety

…

Our acquisitions of SolarCity and Grohmann Engineering were completed in November and in January, respectively. With the acquisition of SolarCity, we have created the world’s only integrated sustainable energy company, from generation to storage to transportation. Grohmann Engineering is a world leader in highly-automated methods of manufacturing, and this acquisition launches Tesla Advanced Automation Germany, which will help us innovate manufacturing processes to be used initially in Model 3 production

Tesla Inc shares rose $8.40 (+3.07%) to $281.91 in after-hours trading Wednesday. Year-to-date, TSLA has surged 27.99%, versus a 5.70% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #3 of 25 stocks in the Auto & Vehicle Manufacturers category.

This article is brought to you courtesy of StockNews.com.

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