NAVTEQ Second Quarter Earnings up 11%
NAVTEQ reported record second quarter revenue for the quarter ended July 2, 2006. Revenue in the quarter rose 11% over the second quarter of 2005 to $135.9 million. Net income was $23.8 million, compared to $25.3 million in the prior year's second quarter. Earnings per diluted share were $0.25, compared to $0.27 in the second quarter of 2005. NAVTEQ supplies maps to GPS makers like Garmin and Magellan while also supplying online mapping services like Google Maps and MapQuest. NAVTEQ is generally known to be the stronger player in the US, while TeleAtlas is known to be the stronger player in Europe.
"We faced a number of challenges in the second quarter, including unfavorable car sales trends and delays in customer product launches, which prevented us from achieving the results we expected. Nevertheless, we remain as excited as ever about the many opportunities we see for the industry and our company in particular," said Judson Green, President and Chief Executive Officer of NAVTEQ. "We continue to invest in our database to enhance our leadership position in the marketplace and we expect better performance in the second half of the year."
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Posted by Scott Martin at July 27, 2006 10:45 AM