Navteq: record Q1 2007, earnings per share up 84%

Navteq: record Q1 2007, earnings per share up 84%
NAVTEQ today reported an excellent first quarter 2007 with a 31% increase of its revenue over the first quarter of 2006 to $160.0 million. Operating income grew 85% over the prior year to $38.3 million. Net income was up 87% over last year's first quarter to $30.2 million. Earnings per diluted share grew 84% to $0.31, compared to $0.17 in the prior year's quarter.

"The business is performing very well and we see positive signs for the remainder of the year," said Judson Green, President and Chief Executive Officer. "In terms of our key accomplishments, we closed on our acquisition of, secured new business with a number of in-dash and portable customers, and released our first Thailand map, which marked our 60th country of coverage."

NAVTEQ revenue from the Europe, Middle East & Africa (EMEA) region totaled $87.3 million in the quarter, up 14% from the first quarter of 2006. Excluding the impact of foreign currency rate fluctuation, EMEA revenue for the first quarter grew 5%. Revenue for the Americas region was $70.8 million in the quarter, a 61% increase over the first quarter of 2006. Asia Pacific revenue was $1.9 million compared to $1.8 million in last year's first quarter.

Cash and marketable securities totaled $347.5 million at April 1, 2007. Net cash provided by operating activities for the first quarter of 2007 was $79.1 million.

NAVTEQ reaffirms its previously issued annual guidance and expects revenue in the range of $720 million to $750 million for the full year.

See in a separate article our report about the loss of the TomTom One contract to TeleAtlas.

Tuesday, May 1st 2007

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