Mobileye Q4 results exceed expectations

Ziv Aviram and Amnon Shashua Photo: PR

Mobileye CEO: We won 12 new programs from 11 automakers in 2016.

Israeli advanced driver assistance systems and autonomous driving technologies developer Mobileye N.V. (NYSE: MBLY) reported strong results in the fourth quarter of 2016, beating the analysts' estimates.

Revenue for the fourth quarter of 2016 was $104.6 million, up from $71.8 in the corresponding quarter of 2015 and above the analysts' consensus of $96.4 million.

GAAP net profit for the fourth quarter of 2016 was $32.6 million ($0.14 per share) up from $18.8 million ($0.08 per share) in the corresponding quarter of 2015. Non-GAAP net profit for the fourth quarter of 2016 was $51.4 million ($0.22 per share) - above the analysts' estimate of $0.20 per share) and up from non-GAAP net profit of $36.3 million ($0.15 per share) in the corresponding quarter of 2015.

Revenue for 2016 was $358.2 million, up from $240.9 million in 2015. GAAP net profit for 2016 was $108.4 million ($0.46 per share) up from $68.5 million ($0.29 per share) in 2015. Non-GAAP net profit for 2016 was $173.3 million ($0.73 per share) up from $112.9 million ($0.47 per share) in 2015.

Mobileye cofounder and CEO Ziv Aviram said, "The fourth quarter marked a strong finish to 2016, which resulted in our ability to exceed revenue and profitability expectations for the full year. Strategically, we maintained our leadership position and extended visibility for Advanced Driver Assistance System technology with 12 new program wins across 11 automakers. The Aftermarket division more than doubled revenue in 2016 and we expect continued growth in 2017. Finally, our expanded product portfolio matched very well to customer demand for future vehicle technology, leading to five Level 3 and five Level 4 autonomous vehicle production program wins plus definitive REM™ mapping agreements with Volkswagen and BMW."

Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Ziv Aviram and Amnon Shashua Photo: PR
Ziv Aviram and Amnon Shashua Photo: PR
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