NAVTEQ Reports Mixed 3Q05 - Lehman Remains 'Upbeat' on Stock (NVT)

| About: NAVTEQ Corp. (NVT)

NAVTEQ, the Chicago-based digital mapping company providing navigation systems for cars and handsets, reported mixed results for 3Q05. A weak Euro kept pressure on per-share earnings, but broader adoption of navigation systems fueled ongoing revenue growth. Data points and analyst opinion:

  • 3Q05 revenue: $123M (consensus $122M)
  • 3Q05 EPS (excl. items): $0.22 (consensus $0.23)
  • Regional revenues: North America +5% QoQ, Europe -6% QoQ
  • In a note to clients, Lehman Brothers recognized that 'sentiment toward NAVTEQ is likely to remain subdued... [but] longer-term we continue to remain upbeat around the market opportunity in Satellite Navigation and NAVTEQ’s positioning.' Lehman has a 'Neutral-Equal Weight' rating on NAVTEQ stock.

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