Shares of Mobileye N.V. climbed 3% in premarket trade Wednesday after the company reported stronger-than-expected fourth-quarter earnings. The company, which provides technology that helps power driverless cars, reported net income of $32.6 million, or 14 cents a share, compared with $18.8 million, or 8 cents a share, in the year-earlier period. Excluding one-time items, non-GAAP earnings were 22 cents, topping the average analyst estimate of 20 cents, according to FactSet. Revenue for the three-month period climbed 45.6% to $104.6 million from $71.8 million in the year-earlier period, beating the consensus estimate of $96.4 million. Mobileye attributed the results to stronger demand for autonomous-vehicle technology that helped spur new business from automakers. Mobileye stock has increased more than 18% in the past three months and 59% in the past year, outperforming the S&P 500 , which is up 7% in the past three months and 22% in the past year.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below