Digital map supplier Navteq has reported record second quarter revenue and operating income.
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Revenue rose 49% year on year to $US202.3m and operating income was $54.0m, compared to $33.1m. Net income was $40.9m vs $23.8m while earnings per share rose to $0.41 from $0.25 in the second quarter of 2006.
First-half revenue was up 40% to $362.3m and operating income was $92.4m, vs $53.8m. First half net income was $71.1m vs $39.9m and earnings per share were $0.72, compared to $0.42.
“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 unfavourable car sales trends in our core geographies,” said Navteq president and chief executive officer Judson Green.
“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,” Green added.
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By GlobalData“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.”
Navteq has revised 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 fiscal year 2007 it expects revenue of $780m to $795m and earnings per share of $1.45 to $1.50.
