Business
Ituran Location and Control Ltd. Presents Results For The First Quarter Of 2021
AZOUR, Israel, May 25, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the first
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"AZOUR, Israel, May 25, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the first quarter of 2021.\nHighlights of the first quarter of 2021\nContinued growth as the Company continues to successfully overcome and exits the impacts of the Covid-19 pandemic; Net increase in aftermarket subscribers of 25,000; net decrease in OEM subscribers of 5,000; Revenue of $67.4 million at around the same level as in the first quarter of last year and up 6% sequentially; Net income of $8.3 million, up 30% year-over-year and adjusted EBITDA of $17.1 million, up 12% year-over-year; Generated $9.2 million in quarterly operating cash flow; Declared dividend of $3 million; Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are happy with the continued improvement in our quarterly results with a solid increase in profitability. We are especially pleased with the strong growth in our after-market subscriber base which grew by 25,000, above our typically expected range. While the pandemic continues to impact many people in many of the countries we operate in, we are pleased that we are successfully overcoming the challenges and moving through 2021, we have returned to growth and improving profitability. \nMr. Sheratzky concluded, \"Our results demonstrate that Ituran is emerging from this period as a stronger company, with a platform for continued sustainable and profitable growth. We expect the positive trends in our results to continue throughout the year ahead.\" \nFirst Quarter 2021 Results\nRevenues for the first quarter of 2021 were $67.4 million, a decrease of 1% compared with revenues of $68.4 million in the first quarter of 2020.\nThe higher average level of the US dollar exchange rate versus the Brazilian real during the quarter compared with the same period last year, reduced the overall revenue level in US dollar terms. In local currency terms, first quarter revenue were at the same level as those of the first quarter of last year. \n68% of revenues were from location-based service subscription fees and 32% were from product revenues. \nRevenues from subscription fees were $45.6 million, a decrease of 7% over first quarter 2020 revenues. In local currency terms, first quarter subscription fees decreased by 4% year-over-year. \nThe subscriber base amoun...