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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 Ltd. (NASDAQ: ITRN) has announced the release of its first-quarter 2022 results, scheduled for May 24, 2022. A conference call will follow at 10am ET, where management will discuss the results and address investor queries. Ituran specializes in location-based services for vehicles and has a growing subscriber base nearing 2 million, primarily in Israel and Latin America. Established in 1995, Ituran operates globally with approximately 3,000 employees.
Ituran Location and Control Ltd. (NASDAQ: ITRN) announced a cash dividend of $0.14 per share, totaling approximately $3 million, to shareholders of record by March 23, 2022. The payment is scheduled for April 6, 2022, with a tax deduction of 25%. The Board of Directors confirmed that this distribution will not impact the company’s operational capabilities, as its retained earnings will be $140.3 million post-distribution. As of December 31, 2021, Ituran had a cash balance of $50.3 million and long-term debt of $13.2 million.
Ituran Location and Control Ltd. (NASDAQ: ITRN) released its Q4 2021 financial results, reporting a revenue of $70.4 million, up 11% year-over-year. The company achieved a net income of $9.6 million, a 40% increase from the previous year, with an EBITDA of $18.9 million, up 14%. The total subscriber base reached 1,881,000, with a net growth of 44,000 in the quarter. For 2021, Ituran reported total revenues of $270.9 million and projected subscriber growth of 140,000 to 160,000 for 2022. The company declared a $3 million dividend and continued its $19 million share buy-back program.
Ituran Location and Control Ltd. (NASDAQ: ITRN) will release its fourth quarter and full year 2021 results on March 7, 2022. A conference call will follow at 9 AM Eastern Time to discuss these results and address investor questions. Ituran is a leader in mobility technology, offering services like Stolen Vehicle Recovery and fleet management, with a growing subscriber base nearing 2 million. The company operates in over 20 countries and is based in Israel, known for its significant position in Latin America.
Ituran Location and Control Ltd. (NASDAQ: ITRN) announced a strategic acquisition of 50% in Mob-Lab, an urban mobility startup in Brazil, now rebranded as Ituran-Mob. This move positions Ituran to leverage its technology and brand in the growing car-sharing market. The vehicle rental market is projected to exceed $100 billion in three years. Ituran-Mob aims to disrupt traditional rental processes by integrating Ituran's technology and expanding its offerings across global markets, benefiting from a growing base of paying subscribers and interest from rental companies, particularly in Brazil.
Ituran Location and Control Ltd. (NASDAQ: ITRN) announced a cash dividend of $0.14 per share, totaling approximately $3 million. Shareholders on record as of December 22, 2021 will receive the dividend on January 5, 2022, net of 25% tax. The Board confirmed that the distribution won't hinder the company's operational performance or future plans. As of September 30, 2021, retained earnings were $136.6 million, expected to drop to $133.6 million post-distribution, while cash balance was $62.9 million.
Ituran Location and Control Ltd. (NASDAQ: ITRN) reported third-quarter 2021 results with revenues of $65.7 million, up 9% year-over-year. The net income decreased to $7.3 million from $9.3 million last year. Adjusted net income rose to $9.6 million compared to $6.0 million in Q3 2020. The EBITDA increased 23% to $18.5 million, and operating cash flow was $11.5 million. The company declared a $3 million dividend and continued a share buy-back program, repurchasing 71,000 shares for $1.9 million. The subscriber base grew by 25,000 to 1,837,000 as of September 30, 2021.
Ituran Location and Control Ltd. (NASDAQ: ITRN) is set to release its third quarter 2021 results on November 16, 2021. The company will host a conference call at 9 AM Eastern Time to discuss results and answer investor questions. Ituran, a leader in location-based services with nearly 2 million subscribers, provides solutions for vehicle recovery, fleet management, and more across over 20 countries. The company continues to strengthen its position in both Israel and Latin America.
Ituran Location and Control Ltd. (NASDAQ: ITRN) announced the full acquisition of Ituran Spain Holdings, paying approximately $11.2 million for the remaining 18.72% of shares. This follows the original acquisition agreement from July 2018, valuing the subsidiary at $60 million. Co-CEO Eyal Sheratzky expressed optimism about this acquisition, highlighting its potential to drive growth and synergies in recovering markets post-COVID. Ituran is a leader in mobility technology, offering location-based services across over 20 countries with nearly 2 million subscribers worldwide.
Ituran Location and Control Ltd. (NASDAQ: ITRN) announced a cash dividend of $0.14 per share, totaling approximately US$3 million, to be paid on October 13, 2021. Shareholders of record as of September 30, 2021 will receive this dividend net of a 25% tax. As of June 30, 2021, Ituran reported retained earnings of US$132 million before the distribution, expected to decrease to US$129 million. The company maintains a cash balance of US$65.6 million and has long-term debt of US$20.9 million.
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