TomTom sees lower earnings in 2014

AMSTERDAM Tue Feb 11, 2014 2:04am EST

AMSTERDAM Feb 11 (Reuters) - TomTom, Europe's largest maker of navigation devices, reported fourth-quarter results slightly above its own forecasts on Tuesday and said it expected results for this year to be below those of 2013.

It reported a quarterly net profit of 3 million euros ($4.1 million), down 97 percent from a year ago, when TomTom benefited from a one-off tax gain, while quarterly revenue fell 7 percent to 268 million euros.

Analysts in a poll commissioned by Reuters had forecast a small quarterly net loss of 750,000 euros on revenue of 257 million euros.

For 2014, TomTom expects adjusted earnings per share of about 0.20 euro on full-year revenue of about 900 million euros, down from EPS of 0.26 euro and revenue of 963 million euros in 2013.

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