Mobileye Reports Top And Bottom Line Q4 Beat

Shares of Mobileye NV (NYSE: MBLY) were trading up more than 2 percent Wednesday morning after the company reported its fourth quarter results.

The developer of mapping and related technologies for advanced driver assistance systems and autonomous driving systems earned $0.22 per share in the fourth quarter on revenue of $104.6 million. Wall Street analysts were expecting the company to earn $0.20 per share on revenue of $96.4 million.

Related Link: Mobileye's Volkswagen Partnership Brings 'Long-Sought Catalyst To The Forefront'

Q4 Highlights

• Revenue rose 45.6 percent on a year-over-year basis.
• Original equipment manufacturing (OEM) revenue rose to $77.5 million from $61.2 million a year ago.
• The company shipped 1.679 million EyeQ units - up from 1.308 million units a year ago.
• The average selling price for EyeQ was $45.50, up from $44.70 a year ago.
• After market revenue accounted for the remaining $27.0 million revenue, up from $10.6 million a year ago.
• Net income rose to $32.6 million from $18.8 million a year ago.
• The company ended the quarter with $633.4 million in cash, up from $584.4 million a year ago.

"The fourth quarter marked a strong finish to 2016, which resulted in our ability to exceed revenue and profitability expectations for the full year," stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. "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."