July 24, 2014 / 6:46 AM / in 3 years

TomTom raises 2014 outlook after Q2 beats expectations

AMSTERDAM, July 24 (Reuters) - Dutch navigation equipment maker TomTom on Thursday raised its outlook after reporting a 15 percent rise in net profit as sales of its personal navigation and its sport devices held up well.

TomTom said it expected revenues in 2014 to reach at least 925 million euros ($1.24 billion), up from a guidance of around 900 million.

The company also said earnings per share would be at least 0.25 euros compared with earlier guidance of 0.20 euros.

TomTom has now raised its outlook twice this year.

The company, which has been hit over the past half-decade by the rise of smartphones with integrated mapping capabilities, outperformed analyst expectations for revenue and net profit.

Revenues of 252 million euros in the first quarter were ahead of the 237 million euros forecast on average by analysts in a Reuters poll.

Net profit of 9 million euros topped the 3.75 million forecast by analysts.

$1 = 0.7439 Euros Reporting by Thomas Escritt; editing by Jason Neely

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