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TomTom: Q3 PND Industry Sales Fall 21% In North America

Amsterdam, The Netherlands – Industrywide portable navigation device (PND) retail-level sales fell in North America by 21 percent in units in the third quarter to 1.5 million and in Europe by 13 percent to 2.6 million, TomTom said in reporting its third-quarter sales and profits.

The PND industry’s third-quarter decline follows a second-quarter North American decline of 19 percent to 1.7 million units and a first-quarter 33 percent decline to 1.4 million units, TomTom said in previous financial reports.

Despite the industry’s third-quarter decline in PND units, TomTom said its market share in Europe increased sequentially by 1 percentage point to 46 percent, and its North American share increased sequentially from to 22 percent from 19 percent, the company said.

Though it gained PND share, TomTom’s consumer group sales, consisting mainly of PNDs, fell 24 percent from the year-ago quarter to 172 million euros ($222.9 million). Combined with declines in its automotive OEM and licensing groups, total revenues fell 19 percent year over year to 274 million euros ($355 million).

Net income fell 23 percent to 22 million euros ($28.5 million), but gross margins rose 4 percentage points to 55 percent from the year-ago period, and operating expenses fell 10 percent to 118 million euros.

Euros were converted at a rate of 1 euro equaling $1.30.