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| Thursday, July 27, 2006 |
Navteq Net Income Down in Second Quarter, Below Wall Street Estimates
CHICAGO (AP) -- Digital map database company Navteq Corp. said Wednesday second-quarter profit dipped and blamed "unfavorable" trends and delays in product launches.
The company earned $23.8 million, or 25 cents per share, compared with $25.3 million, or 27 cents per share, last year. Revenue rose 11 percent to $135.9 million from $122.8 million.
Results fell short of Wall Street expectations, with analysts polled by Thomson Financial expecting earnings of 28 cents per share on revenue of $142.4 million.
"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," said Judson Green, president and chief executive, in a statement.
Green said the company will continue to invest in its database and expects better performance during the second half of the year.
Navteq lost $8.22, or 23.73%, to $26.54 in Thursday's trading. |
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