MikeB
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Joined: 20/08/2002 11:51:57
Posts: 3859
Location: Essex, UK
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 Posted: Wed Aug 01, 2007 2:06 pm Post subject: Navteq report record Q2 results. |
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Navteq look to be having a bumper year. With operating revenue up nearly 50% over Q2 last year and net income at $41m compared to $24m there is a very significant growth in the industry.
From the looks of things this is mainly the contribution of maps in the portable navigation market sector. Yet another indicator of the strength of the portable SatNav industry.
| Navteq press release wrote: | 31 July 2007
NAVTEQ Reports Record Second Quarter Revenue and Operating Income
NAVTEQ Corporation (NYSE: NVT), a leading global provider of digital map data for vehicle navigation and location-based solutions, today reported record second quarter revenue and operating income for the quarter ended July 1, 2007.
Revenue in the quarter rose 49% over the second quarter of 2006 to $202.3 million. Operating income was $54.0 million, compared to $33.1 million in last year’s second quarter. Net income was $40.9 million, compared to $23.8 million in the prior year’s second quarter. Earnings per diluted share were $0.41, compared to $0.25 in the second quarter of 2006.
For the first six months of 2007, revenue was $362.3 million, which represented growth of 40% over the first six months of 2006. Year-to-date operating income was $92.4 million, compared to $53.8 million for the same period in 2006. First half net income was $71.1 million, compared to $39.9 million for the same period in 2006. Year-to-date diluted earnings per share were $0.72, compared to $0.42 for the first six months of 2006.
“Our exceptional second quarter results and strong first half performance give us great momentum as we enter the second half of the year,” said Judson Green, President and Chief Executive Officer of NAVTEQ. “We are particularly excited by the surging growth we have seen in maps for portable devices and the relative stability of our automotive business despite unfavorable car sales trends in our core geographies.”
“First half expenses were lighter than we originally anticipated due to adjustments we made to our database investment plan and lower than expected costs in our distribution business,” Mr. Green continued. “We expect the second half of the year will be an important investment period for the company as we work toward completion of the projects and initiatives in our annual operating plan.”
Revenue from NAVTEQ’s Europe, Middle East & Africa (EMEA) operations totaled $117.6 million in the quarter, up 39% from $84.7 million in the second quarter of 2006. The average U.S. dollar/euro exchange rate in the second quarter was $1.35, compared to $1.26 in the comparable period last year. Americas revenue was $81.8 million in the quarter, a 64% increase over the $49.9 million posted in the second quarter of 2006. Asia Pacific revenue, which is derived from the company’s Korean subsidiary, was $2.8 million.
Cash and marketable securities totaled $390.1 million at July 1, 2007. Net cash provided by operating activities for the first six months of 2007 was $153.0 million.
Business Outlook
The following forward-looking statements reflect NAVTEQ management’s expectations as of July 31, 2007. Management is revising its full-year outlook primarily as a result of the company’s strong first half performance and better-than-expected growth trends in maps for portable devices. For the fiscal year 2007, NAVTEQ expects revenue of $780 million to $795 million and earnings per diluted share of $1.45 to $1.50. These ranges assume an effective worldwide tax rate of approximately 29%, an average U.S. dollar/euro exchange rate of $1.35, and average diluted shares outstanding of approximately 99.6 million on a full year basis.
Earnings Call Information
An on-demand replay of the earnings conference call will be available at http://investor.navteq.com for thirty days from 31 July 2007. The company will also provide a replay of the conference call at 888-286-8010 (North America) 617-801-6888 (international) with passcode 98949086. The telephone replay will be accessible for one week from 31 July 2007. |
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Mike Barrett |
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