September 4, 2014 / 11:22 AM / 3 years ago

Israel's Mobileye Q2 profit, revenue jump in line with estimates

TEL AVIV, Sept 4 (Reuters) - One month after going public, Mobileye posted sharply higher quarterly profit and revenue on strong demand for its camera-based systems that help drivers avoid collisions.

The company on Thursday reported second quarter earnings per share excluding one-off items of 5 cents compared with 3 cents a year earlier. Revenue surged 91 percent to $33.7 million.

The company was forecast to earn 5 cents a share on revenue of $33.1 million, according to Thomson Reuters I/B/E/S.

Mobileye went public in August in what was the largest IPO by an Israeli company, raising about $890 million after the shares were priced at $25. Its shares closed on Wednesday at $46.97, up 9.2 percent.

The company’s technology detects other vehicles and objects using only a camera and software based on complex algorithms, unlike other systems which use complex radar-based sensors.

Its products are used in 237 car models from carmakers, including BMW AG, General Motors Co and Tesla Motors Inc.

“Looking forward, we have numerous opportunities to continue to drive growth, including creating new and enhanced applications to capitalise on the advantages of our complex technology,” Chief Executive Officer Ziv Aviram said. “Longer term, our position in the market will enable us to benefit significantly from the large and growing semi-autonomous and autonomous driving trend.” (Reporting by Tova Cohen)

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