NAVTEQ Q3 Results

NAVTEQ Corporation (IL, USA) has reported that for the third quarter ended 26th September 2004 revenue increased to US$ 97.8 million, 37% over the third quarter of 2003. For the first nine months of 2004 revenue was US$ 273.9 million, representing growth of 43% over the same period in 2003. Revenue from European operations totalled US$ 68.3 million in the quarter, up 47% from US$ 46.5 million in the third quarter of 2003. North American revenue was US$ 29.5 million in the quarter, a 19% increase over the US$ 24.8 million posted in the third quarter of 2003. Net income for the first nine months of 2004 was US$ 38.6 million, compared to US$ 56.9 million for the same period in 2003. Despite the growth in the third quarter and first nine months of 2004, net income declined when compared to the same periods in 2003. This is primarily due to the recording of a full income tax provision in 2004.