TomTom reported sales slid 28 percent in the first quarter in its Consumer segment, which includes PNDs, navigation apps and sports watches.
Sales reached €69.2 million, down from €95.6 million a year ago. Consumer products fell 31 percent to €57.0 million from €82.9 million. Automotive hardware sales were down 4 percent to €12.2 million from €12.7 million.
Companywide, sales slid 10.0 percent to €191.9 million from €213.0 million. TomTom’s two other segments are Automotive & Enterprise and Telematics.
Net earnings reached €6.4 million, or €3 cents a share, against a loss of €2.2 million, or 1 cent, a year ago. On an adjusted basis, earnings were €22.6 million, or €10 cents a share, against a loss of €6.8 million, or €3 cents, a year ago. Adjusted earnings reflect movement of deferred revenue, un-billed revenue and deferred cost of sales on a post-tax basis.
EBITDA was €44 million, up 29.4 percent from €34 million in the same period a year ago.
TomTom’s chief executive officer, Harold Goddijn, stated, “TomTom started the year with a solid set of results. Nearly 70% of our revenues is now derived from data, software and services, boosting our gross margin. Automotive operational revenue in the quarter amounted to €78 million, an increase of 42 percent compared with the same quarter last year.”
The full report is here.
