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Mobileye ( MBLY ) reported fourth quarter earnings before the market open Wednesday that beat estimates but provided a 2016 outlook that fell short. The provider of driver-assistance technology reported revenue of $71.8 million, up 81% year-over-year and topping the consensus estimate of $70.76 million. Mobileye reported earnings per share minus items of 15 cents, compared with 6 cents a year ago and topping the consensus of 14 cents. Mobileye’s guidance for 2016 fell short. It forecasts revenue in the range of $336 million to $340 million, up 40% at the midpoint but below views of $344.5 million. It forecast earnings per share of 68 cents to 69 cents, below the forecast of 70 cents. Mobileye stock rebounded after falling 14% briefly Thursday morning. In early afternoon trading the stock was down 2%, near 28 in the stock market today . The stock is far below its all-time high of 64.48 set in August, under pressure over growing competition from Alphabet ( GOOGL ) and others. While Alphabet’s Google car gets most of the media attention for self-driving cars, Mobileye is one of the tech companies in the driver’s seat, a leader in autonomous-driving technology. It specializes in developing chips and software that collect and process data from automobiles’ camera systems and sensors. Customers include General Motors ( GM ), Ford Motors ( F ), BMW, Honda Motor ( HMC ) and Nissan Motor. Mobileye has listed Tesla Motors ( TSLA ) as a customer but details of that agreement have not been revealed. Tesla has referred to it as a “business relationship.” Tesla has said it plans to develop its own autonomous-driving systems but would use sensors and components from other companies. Mobileye’s camera-based system identifies detailed interpretations of roads and sidewalks to help prevent collisions with vehicles, pedestrians and anything else, the company says. It detects roadway markings and boundaries and can read traffic signs and lights. On Tuesday, Mobileye announced an agreement with Nissan ( NSANY ) to integrate Mobileye’s new Road Experience Management technology into Nissan’s fleets. Nissan is the third large automaker to have partnered with Mobileye to integrate its new REM. The technology provides real-time data for precise localization and high-definition lane data to support fully autonomous driving. Mobileye raised $890 million from its August 2014 initial public offering, selling 35.6 million shares at an above-range price of 25. Mobileye stock currently gets a 54 Composite Rating from IBD out of a possible 99. Scalper1 News
Scalper1 News