Tesla Inc. Q1 Profit Increases, beats estimates

(RTTNews) - Tesla Inc. (TSLA) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $3.32 billion, or $2.86 per share. This compares with $0.44 billion, or $0.39 per share, in last year's first quarter.

Excluding items, Tesla Inc. reported adjusted earnings of $3.74 billion or $3.22 per share for the period.

Analysts on average had expected the company to earn $2.26 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 80.6% to $18.76 billion from $10.39 billion last year.

Tesla Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $3.32 Bln. vs. $0.44 Bln. last year. -EPS (Q1): $2.86 vs. $0.39 last year. -Analyst Estimate: $2.26 -Revenue (Q1): $18.76 Bln vs. $10.39 Bln last year.