PALO ALTO (CBS/AP) – Electric car maker Tesla reported a narrower loss for the second quarter on Wednesday, sparking an after-hours rally in its stock.
The Palo Alto company reported after the close of trading on Wall Street that it lost $30.5 million, or 26 cents per share, in the April-June period. That compares with a loss of $105.6 million, or $1 per share, a year earlier.
Excluding one-time items and lease accounting, Tesla Motors Inc. said it had a profit of 20 cents per share. The one-time items included a $16 million charge associated with the payoff of a $465 million loan from the U.S. Department of Energy. Tesla paid off the loan in May, nine years earlier than it was due.
On that basis, analysts had expected a loss of 19 cents per share, according to FactSet.
Revenue rose to $405.1 million from $26.6 million a year ago. That beat analysts’ forecast of $386.9 million.