Tesla continued its profitability streak in the fourth quarter, earning $105 million, results that beat expectations and sent shares higher in after market trading Wednesday.
Tesla also announced Wednesday that production of the Model Y started this month, ahead of schedule.
Shares were 6.5% in after-market trading.
The automaker’s fourth-quarter results included $105 million in net income, or 56 cents a diluted share, compared with $140 million, or $78 cents a share, in the same year-ago period. Tesla earned $386 million, or $2.14 a share, in the fourth quarter when adjusted for one-time items.
Tesla reported revenue of $7.38 billion, 17% higher than the $6.3 billion generated in the previous period.
Tesla’s earnings and revenue results outpaced analyst expectations, which according to those polled by Factset, anticipated revenue of $7 billion and adjusted earnings of $1.77 a share.
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