Tesla stock rockets to new highs after fourth-quarter profit beats estimates

Tesla’s stock has been on a tear lately, and that winning streak continued on Wednesday after it posted its fourth-quarter earnings report.

The electric-vehicle maker reported adjusted earnings per share of $2.14, compared to a consensus estimate of $1.72 per share cited by CNBC. Quarterly revenue was $7.4 billion against an estimate of $7.02 billion.

Tesla shares shot up higher than one of Elon Musk’s SpaceX rockets in after-hours trading, with the price up almost 12%. The stock is now worth more than three times what it was just eight months ago.

That wasn’t the only good news: Tesla is ahead of schedule for its Model Y SUV, with a production ramp beginning this month.

As for its Model 3, Tesla said it delivered 92,620 vehicles in the fourth quarter, up an impressive 46% year over year. Model S and X deliveries were down 29% to 19,475 vehicles.

“2019 was a turning point for Tesla,” the company said in its earnings release. “We demonstrated strong organic demand for Model 3, returned to GAAP profitability in 2H19 and generated $1.1B of free cash flow for the year. We achieved strong cash generation through persistent cost control across the business.”

Despite the fourth-quarter rally, sustained profits remain elusive for Tesla, and the company posted a loss of $862 million for 2019. We’ll have to wait and see if Musk and the gang can keep up the momentum.

You can check out the full earnings release here.