Welcome to our dedicated page for Ituran Location and Control Ltd. news (Ticker: ITRN), a resource for investors and traders seeking the latest updates and insights on Ituran Location and Control Ltd. stock.
Ituran Location and Control Ltd. (NASDAQ: ITRN) is a leading Israeli provider of stolen vehicle recovery and tracking services, as well as GPS wireless communications products. Traded on NASDAQ and included in the TA-100 Index, Ituran operates primarily in the Telematics services and Telematics products segments. Its services include stolen vehicle recovery, fleet management, personal advanced locator services, and concierge services. The company is a significant player in the telematics industry, offering a range of machine-to-machine wireless communications products for applications such as automatic vehicle location and identification.
In recent quarters, Ituran has demonstrated robust growth. The company reported record revenues of $81.6 million for the second quarter of 2023, marking an 11% increase compared to the same period in 2022. Notably, 72% of these revenues were derived from subscription fees, reflecting the company's strong recurring revenue model. Ituran's gross profit for the quarter was $38.7 million, with a gross margin on subscription revenues of 57.3%, highlighting its profitability in services.
The company's subscriber base has been expanding significantly, reaching 2.2 million subscribers by the end of September 2023. This growth is fueled by increasing demand for its value-added telematics services, particularly in Latin America, evidenced by partnerships like the one with Santander Bank. The third quarter of 2023 saw revenues of $81.1 million, with a continued rise in subscription fees contributing to sustained profitability and a net income of $12.5 million.
Despite global challenges and regional conflicts, Ituran has managed to maintain operational stability. For instance, during the recent conflict in Israel, the company confirmed that its operations remained unaffected and continued to support its employees' safety and wellbeing.
Looking ahead, Ituran has set ambitious targets for growth. For 2024, the company expects to add 35,000 to 40,000 new subscribers per quarter and aims to achieve an EBITDA of $90-95 million, with plans to surpass $100 million in EBITDA by 2025. The company has also increased its quarterly dividend to $8 million, reflecting confidence in its ongoing profitability and strong cash flow.
Ituran employs approximately 2,800 people globally and operates in over 20 countries, with major markets in Israel, Brazil, Argentina, Mexico, and the United States. For more information, visit www.ituran.com.
Ituran Location and Control (ITRN) announced that its Indian joint venture, Lumax Ituran Telematics, has successfully completed validation of its connected telematic devices with Daimler India Commercial Vehicles (DICV). The testing involved approximately 15,000+ vehicles operating in India, and Lumax-Ituran expects to continue selling tens of thousands of connected devices to DICV annually.
The devices will provide essential hardware for advanced telematics solutions, enabling future expansion into connected vehicle services. This partnership with DICV, a major global OEM, represents a significant milestone in Ituran's strategic expansion into India's automotive telematics sector.
Ituran Location and Control (NASDAQ: ITRN) announced a cash dividend of $0.39 per share, totaling $8 million. The dividend will be paid on January 8, 2025, to shareholders of record as of December 23, 2024, with a 25% tax rate. The company's financial position shows strong fundamentals with retained earnings of $220.1 million (pre-distribution), cash balance of $67.5 million, current assets of $123.1 million (excluding cash), and minimal credit from banking institutions at $0.2 million. The Board confirmed this distribution won't affect the company's business operations or future plans.
Ituran Location and Control (NASDAQ: ITRN) reported strong Q3 2024 results with revenue reaching $83.5 million, up 3% year-over-year. Net income increased 9% to $13.7 million, while EBITDA grew 4% to $23.3 million. The subscriber base expanded by 40,000 to reach 2,369,000. The company declared an $8 million dividend ($0.39 per share). Management reiterated 2024 guidance, expecting EBITDA between $90-95 million and targeting over $100 million for 2025. Despite currency headwinds affecting dollar-denominated results, the company showed strong growth in local currencies, with revenues up 7% year-over-year.
Ituran Location and Control has signed a 5-year contract with Nissan Chile to provide Vehicle Location Unit (VLU) and telematics services, expanding their existing partnership from Mexico. The agreement includes pre-installation of VLU units in three Nissan models, with expected addition of tens of thousands of vehicles. Nissan customers will receive a one-year free trial of Ituran's services, including access to a Nissan-branded application, 24-hour contact center support, stolen vehicle recovery, and emergency services. The partnership demonstrates Nissan's satisfaction with Ituran's performance in Mexico and marks Ituran's strategic expansion in providing OEM services in the Chilean market.
Ituran Location and Control (Nasdaq: ITRN) announced that its subsidiary, Ituran Mexico, has been awarded Nissan's Supplier of the Year 2024 Regional Aftersales Accessory Parts award. The recognition highlights Ituran's excellence in on-time delivery, engineering capabilities, and problem-solving. Ituran's CEO, Eyal Sheratzky, expressed honor in receiving this prestigious award, emphasizing the company's commitment to OEM partners like Nissan.
The award validates Ituran's innovative telematics solutions, which provide enhanced vehicle tracking, fleet management, and aftersales support to OEMs. Ituran has expanded its offerings to include real-time data analytics and advanced connectivity features. The company continues to invest in cutting-edge technologies such as predictive analytics and AI-driven insights, reinforcing its market leadership and commitment to excellence in the global automotive industry.
Ituran Location and Control (NASDAQ: ITRN) has announced the release of its third quarter 2024 results on Thursday, November 21, 2024. The company will host a conference call at 10am Eastern Time on the same day to discuss the results and answer investor questions.
Investors can participate in the call using the following teleconferencing numbers:
- US Dial-in: 1 866 860 9642
- Israel Dial-in: 03 918 0609
- International Dial-in: +972 3 918 0609
The call will take place at 10:00am Eastern Time, 7:00am Pacific Time, and 5:00pm Israel Time. For those unable to attend the live call, a replay will be available in the investor relations section of Ituran's website after the call.
Ituran Location and Control (Nasdaq: ITRN), a global leader in vehicle telematics, has announced its participation in the 17th Annual LD Micro Main Event XVII Conference. The event will take place at the Luxe Sunset Boulevard Hotel from October 28th to October 30th, 2024. Ituran's management will be presenting to investors on Wednesday, October 30 at 8:30am Pacific Time in Track 1.
The conference will feature approximately 150 companies presenting in half-hour increments, along with private one-on-one meetings with investors and analysts. Ituran's presentation will be viewable from the conference portal, and management will be available for one-on-one meetings throughout the event. Interested parties can register to watch the virtual presentation at https://me24.sequireevents.com or schedule meetings through the conference portal or by contacting LD Micro or Ituran's investor relations team.
Ituran Location and Control (NASDAQ: ITRN) has announced a cash dividend distribution of $0.39 per share, totaling approximately $8 million. The dividend will be paid on October 9, 2024, to shareholders of record as of September 26, 2024, with a 25% tax rate applied. The company's Board of Directors has confirmed that this distribution will not impact Ituran's ability to meet its current and future business obligations.
As of June 30, 2024, Ituran reported retained earnings of $214.2 million before the distribution, which will decrease to $206.2 million after. The company held a cash balance of $63.2 million and had minimal credit from banking institutions at $0.2 million. Ituran's current assets (excluding cash) stood at $124.2 million, with current liabilities at $91.9 million.
Ituran Location and Control (NASDAQ: ITRN) reported strong Q2 2024 results, with continued growth in subscribers and profitability. Key highlights include:
- Subscribers reached 2,329,000, adding 38,000 net new in Q2
- Revenue increased 4% YoY to $84.9 million
- Net income grew 7% YoY to $13.1 million
- EBITDA rose 6% YoY to $23.1 million
- Operating cash flow of $22.9 million
- Declared $8 million dividend ($0.39 per share)
The company reiterated its 2024 guidance, expecting 35,000-40,000 net new subscribers per quarter, full-year EBITDA of $90-95 million, and 2025 EBITDA to surpass $100 million. Management expressed confidence in ongoing solid demand for location-based products and telematic services.
Ituran Location and Control (Nasdaq: ITRN) has announced a groundbreaking partnership with Microsoft and Porsche to enhance motorsport performance in the Porsche Carrera Cup through real-time telemetry data. This collaboration leverages advanced data collection, transmission, and cloud-based analysis to optimize race strategies and vehicle performance. The technology, fully operational in Brazil, Argentina, and Portugal for the 2024 season, collects data via Ituran's telematics device and transmits it to Microsoft Azure cloud in real-time. This innovation allows Porsche engineering teams to make informed decisions during races, improving performance and safety. Eyal Sheratzky, CEO of Ituran, emphasized the significance of this partnership, highlighting Ituran's technological leadership and the potential applications of these new capabilities across their business.
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