Navigation firm TomTom's Q4 operating loss widens, but beats forecast (updated)
02/02/2024 06:44
(Adds details on results from paragraph 3)
Feb 2 (Reuters) - TomTom TOM2.AS reported a wider
fourth-quarter operating loss but beat market expectations on
Friday, as the digital mapping specialist flagged strong order
intake at its automotive unit.
The Amsterdam-based company posted a loss before interest
and taxes (EBIT) of 10.4 million euros ($11.3 million) for the
September-December quarter, compared with a loss of 4.5 million
a year earlier. Analysts had forecast a loss of 12 million euros
in a company-compiled consensus.
The quarterly EBIT included a 10 million euro restructuring
charge from the streamlining of research and development
activities, Chief Financial Officer Taco Titulaer said in a
statement.
The location data pioneer, which started by providing a
navigational tool for turn-by-turn directions, has gone through
major restructuring and is now developing high definition
self-driving maps that integrate consumer data and advanced
driver assistance systems.
Order backlog from automotive sector clients grew to a
record high of 2.5 billion euros by the end of the year,
compared with 2.4 billion a year earlier, TomTom said.
Quarterly revenue increased by 3% to 143.4 million euros
year-over-year, a touch below market expectations of 144
million.
($1 = 0.9195 euros)
(Reporting by Gaëlle Sheehan and Augustin Turpin in Gdansk;
editing by Milla Nissi)
((gaelle.sheehan@thomsonreuters.com; +48 58 7785110;))