TomTom reported higher revenue, gross margins and earnings for the first quarter.



The Netherlands based provider of GPS products said revenues reached of €205 million ($281mm), up from  €202 million  a year earlier. Gross margin climbed 100 basis points to 57 percent of net sales and earnings before income taxes were €2 million compared to break even a year earlier. Adjusted earnings per share, which exclude acquisition related amortization, reached €0.08, of which €0.04 relates to one-off tax gain (Q1 '13: €0.03). The company produced €44 million net in cash during the quarter.

 

The company, which launched its Cardio GPS sports watch with integrated heart monitor during the quarter, updated its full year outlook to say it now expects revenue of at least €900 million and adjusted EPS of around €0.25.

 

 

“We have started the year strongly with results which are ahead of expectations and we launched important new products for all of our business units,” said TomTom’s CEO Harold Goddjin. ”In particular, the Cardio GPS sports watch, with its built in heart rate monitor, has received encouraging early order levels from customers.”