Mobileye Shares Higher Following Q1 Beat

Shares of Mobileye NV (NYSE: MBLY) were trading higher by more than 3 percent Monday after the company reported a top and bottom line beat in its first quarter results.

Israel-based Mobileye designs and develops software and related technologies for camera-based Advanced Driver Assistance Systems (ADAS). The company earned $0.08 per share in the first quarter, a penny better than analysts were expecting. Similarly, revenue of $45.6 million was higher than the $44.23 million analysts were expecting.

"The first quarter marked a strong start to the year, highlighted by two significant new program wins that will include our EyeQ4 chip, demonstrating the ongoing demand for our state-of-the-art technology, which bundles multiple applications into a single package," stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye in a press release. "During the quarter we saw accelerating trends toward ADAS and autonomous vehicle adoption, driven by recent announcements by OEMs and regulatory agencies, to improve driver safety. As a result, we believe the company is well positioned to benefit from increased global penetration."

During the quarter, original equipment manufacturing (OEM) revenue rose to $36.6 million from $31.8 million in the same quarter a year ago while after-market (AM) revenue contributed the remaining $9.0 million of revenue, in increase from $3.8 million a year ago.

GAAP net income for the quarter rose to $10.1 million (or $0.04 per diluted share) from a loss of $19.6 million (or a loss of $0.61 per share) a year ago. Mobileye also generated $18.8 million in cash flow during the quarter, an improvement from $5.0 million for the comparable 2014 quarter.

The company ended the quarter with $426.2 million in cash, cash equivalents and short-term investments, compared to $375.1 million at December 31, 2014.