By Shawn Langlois, MarketWatch
SAN FRANCISCO (MarketWatch) — Tesla Motors, Inc. late Tuesday reported a wider third-quarter loss and a drop in sales from a year ago, but the electric car maker made strides from the prior three-month period.
Tesla (TSLA 24.22, -0.41, -1.67%) posted a loss of $34.9 million, or 38 cents a share, compared with a loss of $4.6 million, or 66 cents a share, a year earlier when the company was still privately held.
Sales came in at $31.2 million, down from $45.5 million, a year ago.
Analysts polled by FactSet Research were looking for a loss, on average, of 50 cents a share with sales of $31.4 million.
Tesla’s financial results improved from the second quarter, when the company lost $38.5 million on sales of $28.4 million.
“We are very pleased to report steady top-line growth and significant growth in gross margin, driven by the continued improvement in Roadster orders and our growing powertrain business,” CEO Elon Musk said.
Tesla shares on Tuesday closed down 35 cents at $24.63 and slipped another 2% in after-hours trading. They are still well above their IPO price of $17 earlier this year, however.
Last week, the shares enjoyed a 10% surge after the company announced a $30 million investment from Panasonic Corp, which bought shares in a private placement at $21.15 each.
Tesla currently has more than 1,300 Roadster sports cars running on battery power across 31 countries, while the launch of the Model S remains on track for midyear 2012.
Shawn Langlois is a reporter for MarketWatch in San Francisco.
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