Herzliya-based Ceva Inc. (Nasdaq:CEVA); LSE:CVA), which develops signal processing IP for communication devices, mainly for the mobile market, has reported record results for the fourth quarter of 2016. Managed by CEO Gideon Wertheizer, Ceva today announced that its fourth quarter revenue was $21.2 million, ahead of its forecast and 32% more than in the fourth quarter of 2015.
The Israeli company's fourth quarter forecast was $18.5-19.5 million. Earnings per share also beat the $0.16 GAAP and $0.25 non-GAAP forecasts. Ceva also said that its revenue from licensing agreements and royalties had totaled more than $8 million and $13 million in the fourth quarter, respectively.
The analysts covering Ceva previously predicted that the company would post $19 million in revenue and earnings per share of $0.25 in the fourth quarter. The company will publish its full 2016 financial statements on February 1, 2017.
Today's announcement follows recent announcements that an agreement had been signed for providing computer vision infrastructure to Taiwanese camera manufacturer Altech Camera, and that cooperation had been agreed with Chinese company DeepGlint for the inclusion of the computer vision technology in location, monitoring, and identification solutions for human beings and vehicles.
Ceva last week reported that its computer vision technology would be integrated in US company On Semiconductor's new line of chips for smart driving systems and autonomous cars. On Semiconductor is one of the largest chip companies in the auto market and a key supplier of imaging sensors for smart driving systems.
Net profit up 97% in January-September
The Ceva share price has been on an upward swing for the past year, gaining 51% during that time and pushing the company market cap up to NIS 685 million. One reason was the launching of Apple Computers' iPhone 7 device.
Ceva's revenue hit a record $17.8 million in the third quarter of 2016, 10% more than in the corresponding quarter in the preceding year. Non-GAAP net profit totaled $5.2 million, up 10%, compared with the third quarter of 2015, amounting to $0.24 per share. The company's non-GAAP net profit was $3.4 million, 2% more than in the corresponding quarter in 2015.
Ceva's revenue rose 18.7% to $51.5 million in the first three quarters of 2016, and its GAAP net profit shot 97.5% to $7.9 million.
Published by Globes [online], Israel Business News - www.globes-online.com - on January 9, 2017
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