Earnings per share were $0.41 diluted, compared to $0.25 in the second quarter of 2006; Revenue in the quarter rose 49% over the second quarter of 2006 to $202.3 million. First Call estimates were only $0.27 EPS & $180.25M revenues.
Judson Green, President & CEO: "Our exceptional second quarter results and strong first half performance give us great momentum as we enter the second half of the year…. We are particularly excited by the surging growth we have seen in maps for portable devices and the relative stability of our automotive business despite unfavorable car sales trends in our core geographies."
Revenue from NAVTEQ’s Europe, Middle East & Africa (EMEA) operations totaled $117.6 million in the quarter. The company is RASING GUIDANCE: For the fiscal year 2007, NAVTEQ expects revenue of $780 million to $795 million and earnings per diluted share of $1.45 to $1.50 (FIRST CALL ESTIMATES ARE Fiscal 2007 $1.33 EPS & $747.8M revenues). These ranges assume an effective worldwide tax rate of approximately 29%, an average U.S. dollar/euro exchange rate of $1.35, and average diluted shares outstanding of approximately 99.6 million on a full year basis.
This is higher guidance for the year, although if you do the math it looks like most of the gains are coming from this quarter just reported. Traders are giving this the thumbs up vote with a gain of more than 6% in after-hours trading.
Jon C. Ogg
July 31, 2007
Jon Ogg can be reached at email@example.com; he does not own securities in the companies he covers.