Navteq posts 9 percent rise in 1Q profit on big sales gains

Navteq, which is in the process of being purchased by Nokia Corp., reported net income of $32.9 million, or 32 cents per share, compared with $30.2 million, or 31 cents per share, in the comparable period a year earlier.

The per-share results reflect a 5 percent increase in the number of outstanding shares for the 2008 quarter.

Revenue leaped 40 percent to $224.5 million, from $160 million.

Per-share results met Wall Street's average forecast of 32 cents per share, according to a Thomson Financial poll. Revenue topped analysts' average estimate of $215.9 million.

Navteq's sales in the Europe, Middle East and Africa region rose 31 percent, to $114.5 million. Excluding the impact of foreign currency rate fluctuation, revenue for the first quarter rose 32 percent, the company said. Revenue in the Americas region rose 54 percent to $108.9 million, while Asia Pacific revenue slid 43 percent to $1.1 million.

The company, which struck a deal in October to sell itself to Finnish handset maker Nokia for $8.1 billion, did not provide any financial guidance. The buyout is currently being reviewed by European Union antitrust regulators.

Navteq shares edged up 4 cents to $74.25 in after-hours trading. They earlier added 26 cents to close at $74.21.