Tesla Motors said today it earned $46 million in the fourth quarter on a non-adjusted basis, or 33 cents a share, beating expectations.The electric-car maker headed by billionaire Elon Musk also said it expects a 55% increase in production this year, much of it to meet demand in Europe and Asia.

Analysts were expecting non-adjusted earnings of about 20 cents a share — compared with the same quarter a year ago, when it lost 65 cents a share.

On a conference call with analysts, it said it expects to be profitable on an adjusted basis this quarter. For the fourth quarter, on an adjusted basis, Tesla lost $16 million, or 13 cents a share.

“It was a powerful quarter,” says Efraim Levy, equity analyst for S&P Capital IQ. “Initial numbers look really good.”

Tesla reported selling 6,892 of its Model S sedans during the quarter. It also projected sales of 35,000 vehicles for the year, up 55% from the 2013 total. Production will increase from about 600 cars a week to about 1,000, but Tesla warned that it expects to be constrained by tight battery supplies in the first half.

Musk, in the conference call, said orders initially fell after media coverage of three Model S fires last year, but recovered “as consumers came to understand this is a media-driven thing and not a real danger with the car.” He said Tesla is awaiting resolution of a probe by federal safety regulators into the issue.

Tesla plans to make 7,400 vehicles in the first quarter, but “as the number of cars in transit to Europe and Asia must grow substantially to support those markets, we plant to deliver approximately 4,400 vehicles in Q1,” CEO Musk and Chief Financial Officer Deepak Ahuja say in a letter to shareholders.

Tesla’s single model is the Model S all-electric luxury sedan. Tesla told shareholders that a second model, the electric Model X crossover with gull-winged doors, won’t start deliveries until spring, 2015.

Analyst Ben Kallo, analyst for brokerage Robert W. Baird, says Model X’s late arrival is “greatly overshadowed” by the good news from the fourth quarter. He says he is impressed that the company is hitting gross margins of 25%, and hopes to push it to 28%.

Tesla share prices rose 15% to a new high in after-hours trading after earnings were announced. Shares had closed on Wednesday down $10.06, or 4.9%, at $193.64 — after a record closed on Tuesday at $203.70. The boost to a new high was driven not only by earnings anticipation, but also a report by the San Francisco Chronicle that Musk had met with Apple’s acquisitions chief last spring, although it is unknown what was discussed. Neither company has commented.

Elon Musk also said it expects a 55% increase in production this year, much of it to meet demand in Europe and Asia.

Analysts were expecting non-adjusted earnings of about 20 cents a share — compared with the same quarter a year ago, when it lost 65 cents a share.

On a conference call with analysts, it said it expects to be profitable on an adjusted basis this quarter. For the fourth quarter, on an adjusted basis, Tesla lost $16 million, or 13 cents a share.

“It was a powerful quarter,” says Efraim Levy, equity analyst for S&P Capital IQ. “Initial numbers look really good.”

Tesla reported selling 6,892 of its Model S sedans during the quarter. It also projected sales of 35,000 vehicles for the year, up 55% from the 2013 total. Production will increase from about 600 cars a week to about 1,000, but Tesla warned that it expects to be constrained by tight battery supplies in the first half.

Musk, in the conference call, said orders initially fell after media coverage of three Model S fires last year, but recovered “as consumers came to understand this is a media-driven thing and not a real danger with the car.” He said Tesla is awaiting resolution of a probe by federal safety regulators into the issue.

Tesla plans to make 7,400 vehicles in the first quarter, but “as the number of cars in transit to Europe and Asia must grow substantially to support those markets, we plant to deliver approximately 4,400 vehicles in Q1,” CEO Musk and Chief Financial Officer Deepak Ahuja say in a letter to shareholders.

Tesla’s single model is the Model S all-electric luxury sedan. Tesla told shareholders that a second model, the electric Model X crossover with gull-winged doors, won’t start deliveries until spring, 2015.

Analyst Ben Kallo, analyst for brokerage Robert W. Baird, says Model X’s late arrival is “greatly overshadowed” by the good news from the fourth quarter. He says he is impressed that the company is hitting gross margins of 25%, and hopes to push it to 28%.

Tesla share prices rose 15% to a new high in after-hours trading after earnings were announced. Shares had closed on Wednesday down $10.06, or 4.9%, at $193.64 — after a record closed on Tuesday at $203.70. The boost to a new high was driven not only by earnings anticipation, but also a report by the San Francisco Chronicle that Musk had met with Apple’s acquisitions chief last spring, although it is unknown what was discussed. Neither company has commented.