Eds: CORRECTS: Corrects percentage point drop in fourth-quarter gross profit margin to 6.2. With AP photo.
DETROIT (AP) — Tesla’s net income more than doubled last quarter thanks to a big one-time tax benefit, but it warned of “notably lower” sales growth this year.
The Austin, Texas, electric vehicle, solar panel and battery maker said Wednesday that its net income was $7.93 billion from October through December, compared with $3.69 billion a year earlier.
But excluding one-time items such as the $5.9 billion noncash tax benefit for deferred tax assets, the company made $2.49 billion, or 71 cents per share. That was down 39% from a year ago and short of analyst estimates of 73 cents per share according to FactSet.
Chief Financial Officer Vaibhav Taneja said the change in asset valuation would raise the company’s taxes.
Tesla reported quarterly revenue of $25.17 billion, up 3% from a year earlier but also below analyst estimates of $25.64 billion.
