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TomTom raises 2014 outlook

Thursday, July 24 08:53:13

Dutch navigation equipment maker TomTom raised its outlook on Thursday after reporting a 15 percent rise in quarterly net profit, after sales of its personal navigation and sport devices held up.

Its shares jumped more than 4 percent at the open.

TomTom said it expected revenue in 2014 to reach at least 925 million euros ($1.2 billion), up from previous guidance of around 900 million.

The company also said earnings per share would be at least 0.25 euros compared with earlier guidance of 0.20 euros.

TomTom has now raised its outlook twice this year.

"We reported a strong second quarter with top-line growth and an improved gross margin," said Chief Executive Harold Goddijn. "Driven by our strong first half year results, we are increasing our full-year guidance for 2014."

The company, which has been hit over the past half-decade by the rise of smartphones with integrated mapping capabilities, outperformed analyst expectations for revenue and net profit.

Revenue of 252 million euros in the second quarter was ahead of the 237 million euros forecast on average by analysts in a Reuters poll. Net profit of 9 million euros topped the 3.75 million forecast by analysts.


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