Tesla (TSLA) will report second quarter results this afternoon. Chief Executive Elon Musk will host a call at 5:30 PM. 

The company delivered a record 95,200 EVs during the quarter, in-line with the company's 90-100K guidance. Model 3 deliveries grew 320% yr/yr and 52% sequentially to 77,550 versus estimates near ~74K. Model S/X deliveries fell 21% yr/yr but grew 46% sequentially to 17,650. 

Analysts expect Q2 adj. EPS ($0.40) vs. ($3.06) last year with revenue up 61% to $6.44 bln.

Tesla guided for a reduced net loss in the second quarter, from ($2.90) in the first quarter, a return to profitability in the third quarter -- consensus $0.32, and positive operating cash flow less capex going forward. 

Tesla has guided for FY19 deliveries +45-65% to $360-400K. 

EPS estimates for he year are ($1.45) vs. over $3 three months ago and almost $6 six months ago. 


Tesla has a $47 bln market cap and trades at ~18x EV/EBITDA, a slight discount to Ferrari (RACE) but much more expensive than larger auto peers. 

31% of the 132 mln share flat was recently sold short.

The options market is pricing in a ~7% move in the stock by Friday.

The stock is up 18% since reporting record second quarter deliveries three weeks ago (but still down 20% year-to-date).

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