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 Ltd. (NASDAQ: ITRN) has announced a cash dividend of $0.14 per share, amounting to approximately US$3 million. Shareholders of record as of March 21, 2023 will receive the dividend on April 4, 2023, with a tax deduction of 25%. The Board of Directors confirmed this decision after ensuring that the distribution would not compromise the company's operations. Following the payment, retained earnings will be US$166 million, down from US$169 million. The company holds a cash balance of US$27.9 million, alongside US$12.2 million in credit facilities, maintaining a solid financial position.
Ituran Location and Control Ltd. (NASDAQ: ITRN) reported strong financial results for Q4 and FY 2022, with a record revenue of $293.1 million, an 8% year-over-year increase. The subscriber base grew by 185,000 in 2022, reaching a total of 2,066,000 subscribers. Net income rose 8% to $37.1 million. In Q4 alone, revenue was $74.9 million, up 7%, with net income stable at $9.6 million. Management anticipates 2023 subscriber growth of 180,000 to 200,000. The company issued $12 million in dividends and conducted share buybacks worth $8.4 million in 2022, ending the year with $16 million in net cash.
Ituran Location and Control Ltd. (NASDAQ: ITRN) will release its fourth quarter and full year 2022 results on February 28, 2023, followed by a conference call at 9am ET. The call will provide insight into the company's financial performance and management will address investor questions.
Ituran is a leader in mobility technology, primarily offering location-based services. The company boasts over 2 million subscribers across more than 20 countries and is the largest OEM telematics provider in Latin America. The company has approximately 3,000 employees globally, with a strong market presence in Israel and Latin America.
Ituran Location and Control Ltd. (NASDAQ: ITRN) announced the release of its third quarter 2022 results on November 21, 2022. A conference call will take place at 9 AM ET on the same day, where management will discuss the results and address investor questions. Ituran is a leader in mobility technology, offering location-based services, including stolen vehicle recovery and fleet management. With a subscriber base nearing 2 million, Ituran holds a significant market position in Israel and Latin America, employing about 3,000 staff globally.
Ituran Location and Control Ltd. (NASDAQ: ITRN) has declared a cash dividend of $0.14 per share, amounting to about US$3 million. Shareholders of record by September 29, 2022 will receive the dividend on October 13, 2022, after a tax deduction of 25%. Following the distribution, retained earnings will decrease from US$155 million to US$152 million. The company currently holds a cash balance of US$32.7 million and maintains adequate financial health to support ongoing operations.
Ituran Location and Control Ltd. (NASDAQ: ITRN) reported its Q2 2022 results, showcasing a 9% year-over-year revenue increase to $73.4 million and a net income of $8.7 million. Subscriber growth reached approximately 1,972,000, with an aftermarket increase of 50,000 subscribers. EBITDA rose 7% to $19.4 million. The company declared a $3 million dividend and spent $3.4 million on share buybacks. Despite currency challenges, subscriber revenue increased by 11%, and gross margin improved in subscription services.
Ituran Location and Control Ltd. (NASDAQ: ITRN) has scheduled its second quarter 2022 results release for August 29, 2022, with a conference call at 9am ET. Management will discuss the results and answer investor queries. The US dial-in number is 1 866 860 9642, with international options available. Ituran is a leader in mobility technology, focusing on location-based services across over 20 countries, serving approximately 2 million subscribers worldwide. The company was founded in 1995 and employs around 3,000 people globally.
Ituran Location and Control Ltd. (NASDAQ: ITRN) has approved a cash dividend of $0.14 per share, totaling approximately US$3 million. This dividend will be distributed to shareholders of record as of June 29, 2022, with a payment date set for July 14, 2022, net of a 25% tax. The Board confirmed that this distribution will not affect the company's operations or future plans. Following the dividend payout, retained earnings will decrease to US$146.1 million from US$149.1 million. As of March 31, 2022, Ituran maintained a cash balance of US$43.3 million.
Ituran Location and Control Ltd. (NASDAQ: ITRN) reported strong first-quarter 2022 results, with a 7% revenue increase year-over-year to $72.1 million. The company added 43,000 net subscribers, reaching a total of 1,924,000. Net income rose by 6% to $8.7 million, with EBITDA growth of 13% to $19.3 million. Operating cash flow was $7.0 million. Ituran declared a $0.14 per share dividend and continued its share buy-back program. The management remains optimistic about exceeding 140,000 net subscribers added for the year.
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