TEL AVIV (Reuters) - Three months after going public, Mobileye posted better-than-expected quarterly revenue on strong demand for its camera-based systems that help drivers avoid collisions.
The Israel-based company on Thursday reported third quarter earnings per share excluding one-off items of 4 cents, unchanged from a year earlier. The 2014 EPS figure was based on 232.9 million shares, up from 206 million a year earlier. Revenue surged 70 percent to $34.7 million.
The company was forecast to earn 4 cents a share on revenue of $30.3 million, according to Thomson Reuters I/B/E/S.
Mobileye went public in August in what was the largest ever U.S. IPO by an Israeli company, raising about $890 million after its shares were priced at $25. The stock closed on Wednesday at $46.75.
In September the company forecast 2014 revenue would rise 65 percent to $133-$135 million while adjusted EPS would be 19 cents.
Mobileye is taking advantage of a push by automakers to attain high safety ratings from agencies such as the U.S. National Highway Traffic Safety Administration.
The company’s technology detects other vehicles and objects using only a camera and software based on complex algorithms. This has helped it gain market share from its competitors, such as Delphi Automotive, which make driver assistance products using complex radar-based sensors.
Reporting by Tova Cohen; Editing by Steven Scheer