Business
Ituran Location and Control Ltd. Presents Results For The Second Quarter Of 2021
AZOUR, Israel, Aug. 23, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"AZOUR, Israel, Aug. 23, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the second quarter of 2021.\nHighlights of the Second Quarter of 2021\nGrowth in both aftermarket and OEM subscribers: net increase in aftermarket of 23,000 and net increase in OEM of 1,000; Revenues of $67.5 million, an increase of 27% year-over-year; Net income of $9.1 million, versus last year's $6.3 million net loss; EBITDA of $18.2 million, up 30% year-over-year (excluding last year's impairment); Generated $19.0 million in quarterly operating cash flow; Declared dividend of $3 million; Renewed share buy-back program;Management Comment \nEyal Sheratzky, Co-CEO of Ituran, said, \"We are very pleased with our results, especially with the above-average growth in our after-market subscriber base. While the pandemic continues to impact many of the countries we operate in, we are pleased with our solid performance, demonstrating that even in the hardest of times, Ituran has a strong enough business base to successfully overcome all the challenges it has been faced with. As the global recovery moves to a more solid footing with the associated recovery in global car sales, Ituran is exceptionally well-positioned across all its geographies to capitalize on the ongoing recovery and renewed growth.\" \nContinued Sheratzky, \"In June, one of our early-stage mobility technology holdings, Bringg, a company we seeded in 2014, raised capital from leading venture capital investors. We are very proud that in only seven years, this company, of which Ituran remains the largest shareholder with 17%, has grown to its current valuation of $1 billion and it is still valued at close to zero on our balance sheet. Ituran prides itself on its ability to correctly read market trends and invest into disruptive mobility technologies. Our investment in Bringg is a successful element of this strategy and has become a strong value-add to Ituran and its shareholders.\"\nAdded Sheratzky, \"Our continued profitability and ongoing cash generation, enables us to share the fruits of our ongoing success with our shareholders. Beyond the regular dividend payment of at least $3 million per quarter, the Board of Directors also renewed our share buy- back program of which $19 million remains and which will commence in the...