Tesla Motors Inc. (NASDAQ: TSLA) will report its third-quarter earnings Wednesday. Thomson Reuters has consensus estimates of -$0.01 in earnings per share and $889.28 million in revenue. The third quarter from the previous year had $0.12 in earnings per share and $602.58 million in revenue.
Tesla said with its most recent results that it expects to produce between 9,000 and 11,000 cars in the third quarter. Gross margin was expected to be consistent with the second quarter, and the forecast was to be marginally profitable in the third quarter on an operating basis.
For the fourth quarter, Thomson Reuters has consensus estimates of $0.75 in earnings per share and $1.39 billion in revenue.
In September, the figure was for Tesla to have delivered some 35,000 vehicles by the end of 2014. We will also be paying close attention to the so-called Gigafactory for updates as well.
ALSO READ: Analyst Keys in on Chevron and Exxon After Earnings, Amid $80 Oil
As the company approaches earnings it has faced more obstacles for its auto sales in the United States when Michigan joined four other states — New Jersey, Maryland, Texas and Arizona — that have banned Tesla from selling directly to consumers. Auto dealers in the five states succeeded in persuading legislators that the property and sales taxes the dealers pay combined with the number of workers they employ are far more important than letting customers chose to buy what they want. Governor Snyder said that direct sales of new cars is already banned in Michigan. The vote in the Michigan legislature was supported by both political parties and Governor Snyder, a Republican, is in a very tight reelection campaign.
Ascendiant Capital Markets initiated coverage of Tesla with a Buy rating and a $320 price target on October 30. Credit Suisse reiterated an Outperform rating with a price target of $324.93 on October 9.
Shares of Tesla tested the 50-day moving average from mid-September to mid-October, when they fell below. The 50-day moving average has acted as an overhang since the market sell-off at that time, and it reads at $252.70. The 200-day moving average was tested during the market sell-off but has acted as strong support. It reads at $225.91.
Shares of Tesla were trading up about 1% at $244.22 in the early afternoon Monday. The consensus analyst price target is $266.82, and the 52-week trading range is $116.10 to $291.42. The market cap is about $30 billion.
ALSO READ: Full 360-Degree Alibaba Earnings Preview
[protected-iframe id=”e22d67247d3127e1de0a49f568efd276-5450697-30366712″ info=”//companies.findthebest.com/w/jNGFbpUaJO5″ width=”600″ height=”400″ frameborder=”0″ scrolling=”no”]
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
