February 8, 2017 / 7:13 AM / a year ago

TomTom fourth-quarter profit halves, misses expectations as PND sales decline

(Reuters) - Dutch digital-mapping company TomTom (TOM2.AS) said its fourth-quarter adjusted net profit halved as a terminal decline in sales at its biggest division, personal navigation devices (PNDs), eclipsed strong growth in its telematics or fleet management segment.

Consumer sales, which include PNDs, fell 13 percent to 152.3 million euros (129.9 million pounds) for the final quarter.

    Adjusted net profit was 11.3 million euros in the quarter, falling short of analysts’ average estimate of 12.4 million euros, according to a Reuters poll.

    Annual revenue was 987.3 million euros, slightly higher than the company’s forecast of 980 million euros.

    TomTom forecast annual revenue in the range of 925-950 million euros for 2017, saying it expected PND revenues to continue to decline, while other business segments combined is expected to grow by double digits in percentage terms year-on-year.

    Reporting by Wout Vergauwen; Editing by Amrutha Gayathri

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