TEL AVIV (Reuters) - Mobileye, which develops camera-based systems to help drivers avoid collisions, posted better than expected quarterly earnings on Wednesday, a day after it forged a major deal with BMW Group.
The Israel-based company reported fourth-quarter net profit excluding items of 22 cents a share, compared with 15 cents a year earlier. Revenue grew 46 percent to $104.6 million.
The company was forecast to earn 20 cents a share on revenue of $96.4 million, according to Thomson Reuters I/B/E/S.
Mobileye accounts for 70 percent of the market for advanced driver assistance systems. It clinched a deal with Volkswagen last week to cooperate on a road navigation system for autonomous driving.
On Tuesday, it signed a deal with BMW to install Mobileye’s data generation technologies in BMW cars starting with 2018 models.
Revenue in fiscal year 2017 rose 48.7 percent to $358.2 million.
“We expect continued growth in 2017,” said CEO Ziv Aviram, noting Mobileye’s advanced driver assist systems won deals with 11 carmakers last year.
Reporting by Yuval Ben-David,; Editing by Steven Scheer