Tesla Motors reported a quarterly profit in 3Q16, its first in more than three years, as sales of clean car credits powered revenue up 145%. Net income was $22MM or $0.14 per diluted share compared to a loss of $229.9MM or $1.78 per diluted share last year. Total revenue was $2.3Bil in the quarter.
Tesla has maintained its guidance of 50,000 new vehicle deliveries for 2H16, with a 4Q16 plan of just over 25,000 deliveries, despite the challenges of winter weather and the holiday season. The company expects about 30-35% of these deliveries to be accounted for as leases for revenue recognition purposes.
Tesla is on track to meet its FY16 OpEx outlook, and expects it to grow approx. 30% from 2015. The company expects its CapEx in 2016 will be approx. $1.8Bil, as the company continues to focus on capital efficiency. CapEx for the past three quarters totaled $759MM.