By Reuters
Amsterdam, 21 Feb 2008
Dutch navigation device maker TomTom NV roughly doubled its device sales in the fourth quarter but margins fell as it sought to win market share in the US, rival Garmin's turf.
TomTom said today earnings before interest and tax rose 8.3% from the third quarter to 144 million euros, above the average forecast of 138 million euros in a Reuters poll of 14 analysts.
The Amsterdam-based company sold 4.3 million navigation devices, up from 2.2 million in the third quarter and 1.9 million a year ago, for revenue of 634 million euros. Analysts on average had expected revenue of 655 million euros.
TomTom shares closed 2.3% lower yesterday after Garmin warned that intense competition would cut prices and squeeze margins this year.
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