Tomtom ups 2014 outlook after Q1 profit beat, tax gain

BRUSSELS, April 29 Tue Apr 29, 2014 2:00am EDT

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BRUSSELS, April 29 (Reuters) - Dutch navigation equipment maker TomTom on Tuesday increased its outlook for 2014, boosted by stronger-than-expected results in the first quarter and a one-off tax settlement.

TomTom said it now expected revenues in 2014 to reach at least 900 million euros ($1.25 billion), up from an earlier guidance of around 900 million.

It said earnings per share would be about 0.25 euros compared with an earlier guidance of 0.20 euros, boosted by a one-off tax settlement of 0.04 euros per share.

All units, except for its licensing unit which sells maps and traffic data to third party developers, showed an improved revenue in the first quarter.

TomTom said that in the consumer unit, which makes navigation devices for motorists and runners, its new GPS sports watches appeared to be selling well.

Net profit in the first quarter was 7.6 million euros, above the 5.5 million expected in a Reuters poll of three analysts. The group posted a 2.2 million euro loss in the same period last year. ($1 = 0.7223 Euros) (Reporting by Robert-Jan Bartunek)

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