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Tesla ekes out small 1Q net profit, surprising Wall Street

state California city Detroit county Palo Alto virus 2020 Coronavirus
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DETROIT – Tesla eked out a small first-quarter net profit just as the coronavirus started to affect the electric car and solar panel maker.

The company said it made $16 million from January through March, or 8 cents per share. It was the third straight profitable quarter for the Palo Alto, California, company.

It appears the virus may force Tesla to dial back its forecast produce more than 500,000 vehicles in 2020. Although the company said it has the capacity to make a half-million vehicles, it's uncertain how quickly its California plant can ramp up after being shut down due to the virus.

Excluding one-time items, Tesla learned $1.24 per share. That easily beat Wall Street estimates of a 28-cent-per-share loss, according to Factset.

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