Tesla Inc. (NASDAQ: TSLA) beat expectations on fourth-quarter earnings and sales and said Model 3 deliveries were up and Model Y production has started.
Tesla posted EPS of $2.14, beating Street expectations of $1.72, on sales of $7.38 billion, which was ahead of analysts' estimate of $7.02 billion. The company sees positive GAAP net income moving froward.
Tesla shares jumped nearly 7% after the print.
Deliveries 'Comfortably' Exceeding 500K Units
The company also pleased investors looking forward, saying that for the full year 2020, vehicle deliveries "should comfortably exceed 500,000 units." It said Model 3 deliveries were up more than 45% year over year.
Tesla also production of Model Y, its crossover SUV, was ramping up at its Fremont plant. The company said production would likely outpace deliveries this year because of the ramp of Model 3 in Shanghai and Model Y in Fremont.
Tesla had earlier confirmed a record 112,000 deliveries in the fourth quarter — the third straight quarterly record in the metric.
Tesla also said both solar and storage deployments should grow at least 50% in 2020.
TSLA Stock Up
Tesla's been on a huge run up since its third-quarter earnings report in October, with the stock up about 120% since then. Investors appeared to see room for more, bidding shares up another 6.8% in after-hours trading to $620.57.