NAVTEQ Reports Record Third Quarter Revenue and Operating Income
Written by NAVTEQ
Thursday, 01 November 2007
CHICAGO, Oct. 31 -- NAVTEQ Corporation (NYSE: NVT), a leading global provider of digital map data for vehicle navigation and location-based solutions, today reported record third quarter revenue and operating income for the quarter ended September 30, 2007.
Revenue in the quarter rose 51% over the third quarter of 2006 to $214.8 million. Operating income was $50.5 million, compared to $37.0 million in last year's third quarter. Net income was $39.9 million, compared to $27.1 million in the prior year's third quarter. Earnings per diluted share were $0.40, compared to $0.28 in the third quarter of 2006.
For the first nine months of 2007, revenue was $577.0 million, which represented growth of 44% over the first nine months of 2006. Year-to-date operating income was $142.9 million, compared to $90.9 million for the same period in 2006. Net income though the first three quarters was $111.0 million, compared to $67.0 million for the same period in 2006. Year-to-date diluted earnings per share were $1.12, compared to $0.70 for the first nine months of 2006.
"We are quite pleased with our strong third quarter and year-to-date results," said Judson Green, president and chief executive officer of NAVTEQ. "The third quarter began an important investment period for the company, which is expected to continue in the fourth quarter. The additional investment is made possible in part by the tremendous growth we have seen in maps for portable devices and the steady performance of our in-dash business."
Revenue from NAVTEQ's Europe, Middle East & Africa (EMEA) operations totaled $120.5 million in the quarter, up 42% from $85.2 million in the third quarter of 2006. The average U.S. dollar/euro exchange rate in the third quarter was $1.37, compared to $1.27 in the comparable period last year. Americas revenue was $93.1 million in the quarter, a 66% increase over the $56.1 million posted in the third quarter of 2006. Asia Pacific revenue,
which is derived from the company's Korean subsidiary, was $1.2 million. Cash and marketable securities totaled $459.3 million at September 30, 2007. Net cash provided by operating activities for the first nine months of 2007 was $228.7 million.
Business Outlook
The following forward-looking statements reflect NAVTEQ management's expectations as of October 31, 2007. Management is revising its full-year outlook primarily as a result of the company's strong year-to-date performance, increased expectations for growth in maps for portable devices, and the favorable impact of the stronger euro. For the fiscal year 2007, NAVTEQ expects revenue of $815 million to $825 million and earnings per diluted share of $1.50 to $1.55. These ranges assume the following on a full year basis: an effective worldwide tax rate of approximately 28%, an average U.S. dollar/euro exchange rate of $1.36, and average diluted shares outstanding of approximately 100 million.
Supplementary Information
In lieu of a conference call, management has provided a PowerPoint document containing supplementary information on the results, which is available in the 'News & Events' section of our IR website at investor.navteq.com.
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