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% 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% 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%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
Earlier this month, Mobileye signed an agreement with Volkswagen. The automaker says it will integrate Mobileye’s camera-based mapping and localization technology in its cars beginning in 2018. The system will let the companies jointly collect and share real-time data from the tens of thousands of new Volkswagen vehicles equipped with the technology.
