U.S. / Industry / Economy

Tesla posts net profit for fifth straight quarter

Posted On: Oct 21, 2020   |   Posted By: My Sanantonio

DETROIT - Tesla charged through a summertime auto industry sales slump in the U.S. to post stronger-than-expected net earnings for the third quarter.
The electric car and solar panel maker said Wednesday that it made $331 million, or 27 cents per share, for its fifth-straight profitable quarter.
Excluding special items such as stock-based compensation, Tesla made 76 cents per share, beating Wall Street estimates of 57 cents. Revenue from July through September was $8.77 billion, also passing analysts' expectations of $6.3 billion, according to FactSet.
But as in previous quarters, the company relied heavily on $397 million it earned from selling electric vehicle credits to other automakers so they can meet government fuel economy and pollution regulations.
The earnings were driven by a 44% increase in global deliveries for the quarter, which came as U.S. auto sales overall fell 9.7% from a year ago due to consumer fears about the economy hit hard by the pandemic.
Shares of the Palo Alto, California,...

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