Navteq Loses Its Way

Navteq (NVT Quote - Cramer on NVT - Stock Picks) posted soft second-quarter numbers Wednesday, citing product delays.

The Chicago-based navigation data company made $23.8 million, or 25 cents a share, for the quarter ended July 2, down from the year-ago $25.3 million, or 27 cents a share. Revenue rose to $135.9 million from $122.8 million a year earlier.

Results fell shy of the Thomson Financial analyst consensus estimate, which called for a 28-cent profit on sales of $142 million.

"We faced a number of challenges in the second quarter, including unfavorable car sales trends and delays in customer product launches, which prevented us from achieving the results we expected," said CEO Judson Green. "We continue to invest in our database to enhance our leadership position in the marketplace and we expect better performance in the second half of the year."

Shares fell $1.84 during regular action Wednesday to $34.76.