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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