Feed: Technology Yahoo UK
Posted on: Tuesday, April 23, 2013 13:50
Author: Technology Yahoo UK
Subject: TomTom CEO sees no signs of recovery in car sales
TomTom, Europe's largest maker of navigation devices and among the three biggest digital map-makers in the world, said it sees no sign of a recovery in car sales to which its own fortunes are tied. The Dutch company stuck to the full-year forecasts it gave in February for adjusted earnings per share of about 0.20 euros, down 50 percent from the 2012 EPS of 0.40 euros, and revenue in the range of 900 million euros to 950 million euros, down from 1.06 billion euros in 2012. "It's a tough marketplace," Chief Executive Harold Goddijn told reporters on a conference call, pointing to a continuing decline in car sales in Europe. "Sales in the first quarter were again down. And that comes after a dreadfully bad 2012 so the suffering is ongoing." TomTom's fortunes are closely linked to those of customers such as PSA Peugeot Citroen, Renault, and Fiat, which have been hit by weak consumer demand. European car sales fell 10.3 percent in March, as an unrelenting market contraction spread to the region's more prosperous north. On Tuesday, TomTom reported a quarterly net loss of 2 million euros, unchanged from a year ago, and revenue of 202 million euros, down 13 percent. Analysts in a poll commissioned by Reuters had expected a first-quarter net loss of 5.85 million euros on revenue of 203 million euros. |
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