TomTom Q2 beats, maintains full-year outlook
AMSTERDAM, July 25 | Thu Jul 25, 2013 1:48am EDT
(Reuters) - TomTom, Europe's largest maker of navigation devices, reported higher-than-expected second-quarter results on Thursday as sales of personal navigation devices stabilised, and stuck to its full-year outlook.
TomTom, among the three biggest digital map-makers in the world, reported a quarterly net profit of 8 million euros ($11 million), down 14 percent from a year ago, and revenue of 250 million euros, down 4 percent.
Analysts in a poll commissioned by Reuters had expected a second-quarter net profit of 1.7 million euros on revenue of 230 million euros.
TomTom stuck to its full-year forecast for adjusted earnings per share of about 0.20 euros, down 50 percent from the 2012 EPS of 0.40 euros, and revenue in the range of 900 million euros to 950 million euros, down from 1.06 billion euros in 2012.
"Overall our financial performance for the second quarter was better than expected because of solid results in the consumer division. Automotive continued to be affected by weak European markets," Chief Executive Harold Goddijn said.
TomTom has said it sees no sign of a recovery in car sales to which its own fortunes are tied.
TomTom's fortunes are closely linked to those of customers such as PSA Peugeot Citroen, Renault, and Fiat, which have been hit by weak consumer demand.