Navteq Q3 results: $214.8M



Navteq's CEO Judson Green
Navteq's CEO Judson Green
NAVTEQ today reported record third quarter revenue and operating income for the quarter ended September 30, 2007. Revenue in the quarter rose 51% over the third quarter of 2006 to $214.8 million. Operating income was $50.5 million, compared to $37.0 million in last year's third quarter. Net income was $39.9 million, compared to $27.1 million in the prior year's third quarter. Earnings per diluted share were $0.40, compared to $0.28 in the third quarter of 2006.

"We are quite pleased with our strong third quarter and year-to-date results," said Judson Green, president and chief executive officer of NAVTEQ. "The third quarter began an important investment period for the company, which is expected to continue in the fourth quarter. The additional investment is made possible in part by the tremendous growth we have seen in maps for portable devices and the steady performance of our in-dash business."

Revenue from NAVTEQ's Europe, Middle East & Africa (EMEA) operations totaled $120.5 million in the quarter, up 42% from $85.2 million in the third quarter of 2006 (The average U.S. dollar/euro exchange rate in the third quarter was $1.37, compared to $1.27 in the comparable period last year). Americas revenue was $93.1 million in the quarter, a 66% increase over the $56.1 million posted in the third quarter of 2006. Asia Pacific revenue, which is derived from the company's Korean subsidiary, was $1.2 million.

For the fiscal year 2007, NAVTEQ expects revenue of $815 million to $825 million and earnings per diluted share of $1.50 to $1.55.

Wednesday, October 31st 2007

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