(Reuters) -Dutch digital mapping specialist TomTom reported a rise in its third-quarter operating profit on Tuesday, beating market expectations, boosted by growth in its automotive location technology business.
The Amsterdam-based company posted earnings before interest and taxes of 8.4 million euros ($9.7 million) for the quarter, a strong beat against analysts’ average estimate of 2 million euros in a company-provided consensus.
“This quarter, our Automotive operational revenue showed encouraging growth, partly driven by the ramp-up of new car lines we supply,” Chief Financial Officer Taco Titulaer said in a statement.
The automotive business was the only segment to show revenue growth during the quarter with an increase of 2% to 79.5 million euros, coming above market expectation of 74 million euros.
TomTom also confirmed its outlook for the full year.
($1 = 0.8629 euros)
(Reporting by Mathias de Rozario and Elizaveta Zhuravleva in Gdansk, editing by Milla Nissi-Prussak)
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