Excluding items, Tesla earned $1.93 per share. It ended the quarter with $4.3 billion (£3.3 billion) in cash and said it had "sufficient cash on hand" to pay a $920 million convertible bond maturing in March.
Of the larger (and older) S and X models, Tesla delivered 27,607 units to customers worldwide in the fourth quarter.
In the fiscal fourth quarter, the company's free cash flows increased to $910 million, better than the $881 million it had posted in the third quarter.
Tesla shares have declined 7 percent since the beginning of the year.
"Things really aren't going to get any better for Tesla in the USA than they did at the end of 2018", Jessica Caldwell, executive director of industry analysis at Edmunds, wrote in a statement.
Investors heading into Wednesday's results carried concerns about sales for Tesla's higher-priced, more profitable vehicles.
Earlier this month, Tesla said it would stop making Model S and Model X vehicles with a 75 kWh battery pack, which had starting prices of $76,000 and $82,000, respectively - thereby setting new prices at the time at less-accessible $94,000 and $97,000 entry points. The results came almost nearly two weeks after the electric-car maker warned the pressure to achieve a profit and make the Model 3 more affordable led to more than 3,000 job cuts.
In concrete numbers, Tesla announced that it made $7.2 billion in revenue and earnings of $1.98 per share (non-GAAP). Both markets are considered important growth opportunities for the company.
A new plant in China could boost the Model 3 production rate even higher. Last year, the automaker attributed logistical problems to reports that lots full of Model 3s waiting for delivery inflated the automaker's claims of achieving 5,000 Model 3s per week. Throughout 2018, Tesla delivered a total of 145,846 Model 3, making it "the best-selling premium vehicle (including SUVs) in the U.S. for 2018", says Tesla and thinks this will continue.
Tesla announced Wednesday that it sees 2019 total deliveries in the range of 360,000 to 400,000. This projection is slightly behind schedule when compared to Musk's previous commentary in mid-2017, when he had asserted that investors should have "zero" doubt that Model 3 production would hit 10,000 per week in 2018.
Elon Musk, the company's CEO, said earlier this month that the company was targeting a small profit this quarter.
Tesla is pumping money into the Shanghai factory, which it hopes to bring on line at the end of this year with a target of producing 500,000 vehicles annually.