Mobileye posts Q2 earnings in the growing demand for automated driving technology

Posted on 8/8/2015 9:54:47 AM

Mobileye NV, one of the emerging technology vendors and software vision systems for accident prevention, said net income rose in the second quarter as the automotive industry continues to increase plans for autonomous cars.

The Israeli company reported net income of $ 15.3 million using traditional accounting methods, compared with a profit of $ 189,000 a year earlier. Using the non-traditional accounting often used by technology companies, the company said net income more than doubled to $ 23.7 million.

Revenue rose 57 percent to US $ 53 million.

"During the quarter, we saw increased Caterpillar 320D injector valve support for the implementation of regulation systems for automated control assistance and continued customer interest in adopting autonomous driving," said CEO Ziv Aviram in a statement Thursday.

The company raised its forecast for annual revenue to $ 239 million range $ 235 million- $ 217 million- $ 218 million.

Mobileye shares have rebounded strongly from fainting in late 2014 and early 2015. The action, which was reduced to about $ 34 in March closed at $ 59.11 today and after touching an intraday high of all time high of $ 63.17 last month. The company went public a year ago.

Mobileye's products are used in vehicles of 23 car manufacturers worldwide, including BMW, Ford, General Motors, Nissan, Tesla and Volvo, the company said. GM was the largest automaker customers of the company, accounting for 30 percent of its revenue from the automotive industry, according to the annual report on Form 20-F of Mobileye.

Mobileye software also provides many Tier 1 suppliers such as Autoliv, Delphi, TRW and Valeo.

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