TomTom Reported Strong 4Q 2018 Results; Sale of Telematics Will Close in 2Q; Maintaining EUR 8 FVE
TomTom reported a strong fourth quarter, beating our internal expectations on the top and bottom lines. Continuing decline in the firm’s consumer business was more than offset by strong growth in automotive and enterprise, along with the soon to be sold telematics business. Management provided strong revenue growth guidance, excluding telematics. However, the firm also plans to increase investments in its automotive business which would pressure operating margin in 2019. We do not expect to make...TomTom develops and sells of navigation and location-based solutions, which include among others, Portable Navigation Devices, sport watches, maps, traffic, navigation software and fleet management services. As of Dec 31 2014, Co. had four segments: Consumer business, which is focused on creating location-based products; Automotive business, which provides modular components, being maps, traffic and navigation software, to car manufacturers and head unit vendors; Licensing business, which sells TomTom map, traffic and navigation software as well as cloud-based products and platforms; and Telematics business, which provides fleet management solutions for commercial fleets of any size.
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