Navteq Corporation, a key global provider of digital maps for vehicle navigation systems, has reported record revenue and operating income for the fourth quarter and fiscal year ended 31 December, 2006.
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Revenue in the quarter rose 24% over the fourth quarter of 2005 to $US180.7m while operating income grew 51% to $62.8m. Net income was up 55% to $42.9m. Earnings per share rose 54% to $0.45.
Full year revenue was $581.6m, up 17% over 2005. Operating income rose 14% to $153.7m but net income was $110.0m down from $170.8m in 2005. Earnings per share also fell to $1.15 compared to $1.81.
Said Judson Green, president and chief executive officer: “While 2006 was a challenging year, we believe that our many accomplishments have positioned us well for continued success in the years ahead.”
Navteq said its full year net income and earnings per share for 2006 were significantly lower than in 2005 due in part to the recording of a net income tax benefit of $80.6m, or $0.85 per share, during the third quarter of 2005.
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By GlobalDataThe recording of this benefit was primarily related to the reversal of the company’s valuation allowance on deferred tax assets associated with net operating loss and deferred interest carry-forwards in the US.
For fiscal year 2007, Navteq expects revenue in the range of $720m to $750m and earnings per share of $1.20 to $1.26.
