TomTom reports third quarter 2016 results
Financial summary Q3 '16
- Revenue of €239 million (Q3 '15: €254 million)
- Gross margin of 60% (Q3 '15: 53%)
- EBITDA of €33 million (Q3 '15: €33 million)
- Adjusted EPS1 of €0.05 (Q3 '15: €0.05)
- Net cash position of €81 million (Q3 '15: €94 million)
Operational summary Q3 '16
- PND market weaker than expected; Consumer continued to diversify into a multi-product business with the launch of several new products, including its first fitness activity tracker, the new GPS Outdoor Watch and the world’s first PND for scooters
- Subaru's new infotainment platform powered by TomTom maps and navigation software
- Volvo Trucks selected TomTom Maps, Traffic and Navigation software for its new infotainment system
- Traffic service launched in India and Bulgaria; now available in 52 countries
- NVIDIA Partnership announced to develop a cloud-to-car mapping system for self-driving cars
- Telematics recognised by Berg Insight as Europe's leading and most innovative provider of fleet management solutions (for second year running)
Outlook 2016 updated
As previously announced on 13 October 2016, we are updating our guidance.
We now expect full year group revenue of around €980 million, down from previous guidance of around €1,050 million. Outlook for adjusted EPS1 of around €0.23 is unchanged.
1 Earnings per fully diluted share count adjusted for acquisition-related amortisation & gain on a post-tax basis.
TomTom's Chief Executive Officer, Harold Goddijn
“Strong growth in Consumer Sports could not offset PND decline we have seen this quarter.
In Automotive, we continue to make good progress in delivering our connected navigation system components to existing and new customers. Our order intake for this year so far is above €200 million, in line with our expectations; TomTom has won the largest deal available to the market this year. Together with orders secured earlier, this will support continued growth in our Automotive business.
This quarter we announced a partnership with NVIDIA to create a cloud-to-car mapping system for High Definition maps for self-driving cars. This collaboration is an important step for TomTom.
Our revenue mix is shifting towards high gross margin, recurring data, software & services income.”
View the full TomTom reports third quarter 2016 results release in PDF format.