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UPDATE 1-Mobileye profit, revenue jump, sees strong growth in 2014
September 4, 2014 / 1:48 PM / 3 years ago

UPDATE 1-Mobileye profit, revenue jump, sees strong growth in 2014

* Q2 adjusted EPS $0.05 vs $0.05 forecast

* Q2 revenue $33.7 mln vs $33.1 mln forecast

* Sees 2014 adjusted EPS $0.19, revenue $133-$135 mln (Adds 2014 outlook, CFO quote, analyst comments)

By Tova Cohen

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 ever U.S. IPO by an Israeli company, raising about $890 million after its shares were priced at $25. The stock closed on Wednesday at $46.97, up 9.2 percent. The shares have jumped nearly 27 percent since the IPO.

“We expect year-over-year growth to be robust,” Chief Financial Officer Ofer Maharshak told a conference call.

He forecast 2014 revenue would rise 65 percent to $133-$135 million while adjusted EPS would be 19 cents.

Mobileye is forecast to earn 18 cents on revenue of $131.2 million, according to Thomson Reuters I/B/E/S.

Mobileye is taking advantage of a push by automakers to attain high safety ratings from agencies such as the U.S. National Highway Traffic Safety Administration.

“We believe Mobileye’s monocular camera system is at the early stages of a 10 to 20-year mass adoption by the auto industry,” Raymond James analysts said in a client note.

The company’s technology detects other vehicles and objects using only a camera and software based on complex algorithms. This has helped it gain market share from its competitors, such as Delphi Automotive PLC, which make driver assistance products using complex radar-based sensors.

Mobileye’s technology is already used in more than three million vehicles made by BMW AG, General Motors Co and electric car maker Tesla Motors Inc, among others.

“Longer term, our position in the market will enable us to benefit significantly from the large and growing semi-autonomous and autonomous driving trend,” Chief Executive Officer Ziv Aviram said.

Tesla said it is planning to roll out its semi-autonomous vehicle, which can drive itself on long stretches of freeway, by 2016. (Additional reporting by Anya George Tharakan in Bangalore and Steven Scheer in Jerusalem, editing by David Evans)

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