Tesla Motors Turns First Quarterly Net Profit

DETROIT (AP) -

Shares of Tesla Motors Inc. soared nearly 14 percent in after-hours trading Wednesday after the electric car maker posted its first quarterly net profit since it was founded a decade ago.

The Palo Alto, Calif. company made $11.2 million, with break-even earnings per share, from January through March. That compares with a loss of $89.9 million, or 86 cents per share, a year earlier.

Net profit included a one-time $10.7 million accounting gain connected with the elimination of a Department of Energy warranty liability, plus the cost of stock options.

Excluding one-time items, adjusted earnings were $15 million, or 12 cents per share.

Revenue grew from $30.2 million last year to $561.8 million in the first quarter of 2013.

The performance beat Wall Street expectations. Analysts polled by FactSet expected a loss of a penny per share on revenue of $500.2 million.

Tesla said it exceeded its own targets for delivery and production of the Model S electric car, its only vehicle. The company delivered 4,900 cars during the quarter, beating its guidance of 4,500. It also said it produced 400 or more cars per week, or over 5,000 during the quarter.

In after-hours trading, Tesla rose $7.74, or 13.9 percent, to $63.53.