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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 (NASDAQ: ITRN) has announced the release of its second quarter 2024 financial results on Monday, August 19, 2024. The company will host a conference call at 9am Eastern Time on the same day to discuss the results and answer investor questions. Participants can join the call using the provided teleconferencing numbers for the US, Israel, and international dial-in. For those unable to attend the live call, a replay will be available in the investor relations section of Ituran's website following the event.
Ituran Location and Control announced an $8 million dividend distribution. Shareholders of record as of June 18, 2024, will receive $0.39 per share. The payment will be made on July 2, 2024, after a 25% tax deduction. The Board confirmed that this distribution will not affect the company's ongoing or future operations. As of March 31, 2024, before the dividend, retained earnings were $208.8 million, reducing to $200.8 million post-distribution. The company had a cash balance of $54 million and banking credit of $0.3 million. Current assets were $130.1 million, and current liabilities were $92.9 million.
Ituran Location and Control (NASDAQ: ITRN) reported record revenues of $85 million for Q1 2024, up 7% year-over-year.
Net income rose 15% to $13 million, with EBITDA increasing by 7% to $22.3 million.
The company added 39,000 net subscribers, bringing the total to 2,291,000.
Gross profit was $39.5 million, an 8% increase from the previous year.
Operating cash flow stood at $11.4 million.
The Board declared a dividend of $8 million, or $0.39 per share.
Ituran reiterated its 2024 guidance, expecting EBITDA between $90-95 million and targeting over $100 million in 2025.
The results are based on current exchange rates and assume stable global and political conditions.
Ituran Location and Control (NASDAQ: ITRN) has scheduled the release of its first quarter 2024 results for May 28, 2024. A conference call will follow at 10am Eastern Time, where management will discuss the results and answer investor questions.
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