June 1, 2017 / 12:05 PM / 4 months ago

Self-driving car tech firm Mobileye Q1 profit, revenue jump

The logo Israeli driverless technology firm Mobileye is seen on the building of their offices in Jerusalem March 13, 2017. REUTERS/Ronen Zvulun/Files

JERUSALEM (Reuters) - Mobileye, a maker of driverless vehicle technologies, reported a jump in quarterly profit that topped estimates, boosted by higher sales of its advanced driver assisted systems.

The Israeli-based company, which is in the process of being acquired by Intel Corp, said on Thursday it earned 25 cents per diluted share excluding one-time items in the first quarter, up from 15 cents a share a year earlier.

Revenue rose 66 percent to $124.7 million.

Mobileye was forecast to have earned 24 cents on revenue of $118.1 million, according to Thomson Reuters I/B/E/S.

The company said it posted new advanced driver system wins, forged alliances with new partners and moved forward with its proprietary high-definition mapping project by signing definitive collaboration deals with several major automakers.

In March, Intel agreed to buy Mobileye, which develops camera-based systems to help drivers avoid collisions, for $15.3 billion in a deal that promises to escalate the arms race among the world’s carmakers and suppliers to acquire autonomous vehicle technology.

In light of the pending transaction, Mobileye said it would not hold an earnings conference call and will not provide and outlook for its financial results for future period.

Nissan, Volkswagen and BMW have already signed up to share data from Mobileye’s camera-equipped advanced driver assistance systems to generate HD maps for self-driving cars, and Mobileye Chairman Amnon Shashua has said four more manufacturers were in talks about joining the programme.

Reporting by Steven Scheer, editing by Pritha Sarkar

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