TESLA 3Q PROFIT MORE THAN DOUBLES FROM A YEAR AGO TO 3.29B

Tesla reported that its third-quarter profit more than doubled from a year ago, fueled by higher vehicle sales.

- 

The Austin, Texas, electric vehicle and solar panel maker posted net income of 3.29 billion from July through September.

CEO Elon Musk said on the company’s quarterly conference call that the Tesla is considering a 5 billion to 10 billion stock buyback next year, even if the economy stumbles.

And Musk said Tesla’s Full Self Driving” feature won't be ready to be used without humans behind the wheel this year. But it will be ready next year “without question whatsoever in my mind.”

Excluding special items, Tesla made $1.05 per share, beating Wall Street estimates of $1 per share, according to data provider FactSet. Revenue rose 56% to a record $21.45 billion, but fell just short of estimates averaging $21.98 billion.

Tesla will fall short of its target of 50% annual growth in vehicle deliveries this year, Chief Financial Officer Zachary Kirkhorn said during the conference call, but he was later contradicted by Musk.

“On the delivery side, we do expect to be just under 50% growth,” he said, blaming the shortfall to expected problems transporting vehicles at the end of the year.

Musk later predicted 50% annual production and delivery growth, but also pointed to logistical problems shipping vehicles. Then he reiterated the growth targets.

“To the best of our knowledge, we believe that Tesla will continue to grow deliveries and revenue, production at a 50% or greater compound annual growth rate,” Musk said, qualifying his statement by adding that some years may be lower, and some higher.