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AutoNavi posts 2Q results above expectations

Wed, 08/17/2011 - 7:05am
The Associated Press

Chinese digital mapping and auto navigation company AutoNavi Holdings Ltd. said Wednesday that its second-quarter earnings grew thanks to demand across all three of its key businesses.

The company earned $9.6 million, or 5 cents per share, up 54 percent from $6.2 million, or 4 cents per share, in the same period a year earlier.

Excluding stock-option expenses and other items, the company earned 21 cents per share in the latest quarter. Analysts, on average, were expecting 18 cents, according to a poll by FactSet.

Revenue rose 49 percent to $33.6 million from $22.6 million. Analysts expected $29.5 million.

"We saw growth across all of our three core businesses — automotive navigation, mobile and Internet location-based solutions as well as public sector and enterprise applications, in the second quarter," CEO Congwu Cheng said in a statement. "We expect this positive momentum to continue into the second half of the year."

AutoNavi expects full-year revenue of $122 million to $125 million. Analysts expect $119 million.

American depositary shares of the Beijing company rose 73 cents, or 4.6 percent, to $16.47 in morning trading. The stock has between $12.60 and $22.72 over the past 52 weeks.

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