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G. David Felt Staff Writer Alternative Energy - www.CheersandGears.com Tesla Reports First Profit after 12 Quarterly Losses! Surprise, Surprise, Tesla posts a $22 million profit for it's latest quarter. How did Tesla do this? Wall Street Story WSJ reports that Tesla reports the following numbers: Selling pollution tax credits to other auto makers. Gross profit from the credits soared to $139 million from $39 million a year ago. Revenue is up to $2.3 billion from $936.8 million a year earlier. Tesla said it generated free cash flow, repaid $600 million in debt and finished September with $3.1 billion in cash, a decline of $162 million from the end of June. Tesla also lowered its forecast for capital spending this year to $1.8 billion from $2.25 billion. About $1 billion of that spending could occur in the fourth quarter, it said. Shares were up 5% to $212.05 in after-hours trading on Wednesday. WSJ says this has been helped by Tesla's newest Model S version that starts now at $66,000 which contributed greatly to their bottom line as the Q3 was the first full quarter of Entry level Model S sales. Barclays auto analysts has stated that Tesla will need $2.5 billion through the end of 2017 for the Model 3 rollout and completion of the battery factory. WSJ Web Page Story
