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UPDATE: Mobileye Tops Q4 Views, Shares Surge

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Shares of Mobileye N.V. (NYSE: MBLY) climbed over 6% in pre-market trading after the company reported stronger-than-expected results for the fourth quarter.

The Jerusalem, Israel-based company posted quarterly net income of $2.4 million, or $0.01 per share, compared to $13 million, or $0.06 per share, in the year-ago quarter. Its adjusted earnings declined to $0.06 per share from $0.08 per share.

Its revenue climbed to $39.7 million from $31.4 million. However, analysts were expecting a profit of $0.05 per share on revenue of $36.4 million.

Original equipment manufacturing revenue gained to $32.3 million from $22.6 million, while after market revenue slipped to $7.4 million from $8.8 million.

As of December 31, 2014, the company had cash, cash equivalents and short-term investments of $375.1 million, versus $349.2 million as of September 30, 2014.

Ziv Aviram, co-founder, president and chief executive officer of Mobileye said, "The fourth quarter marked a strong finish to the year, driven by the continued demand for our innovative ADAS solution…We believe we are well-positioned to maintain our momentum longer-term given the benefits from increased regulation of ADAS, the large and growing trend towards semi-autonomous and autonomous driving, as well as continued expansion from new and existing OEM and Tier-1 relationships."

Mobileye shares surged 6.72% to $37.66 in pre-market trading.

Posted-In: profitEarnings News

 

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