Business
ITURAN LOCATION AND CONTROL LTD. PRESENTS RESULTS FOR THE SECOND QUARTER OF 2022
AZOUR, Israel, Aug. 29, 2022 /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. 29, 2022 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the second quarter of 2022.\nHighlights of the Second Quarter of 2022\nGrowth in total subscribers to approximately 1,972,000: net increase in aftermarket of 50,000 and net decrease in OEM of 2,000;Revenues of $73.4 million, an increase of 9% year-over-year;Net income of $8.7 million compared with $9.1 million in the second quarter of last year;EBITDA of $19.4 million, compared with $18.2 million in the second quarter of last year, up 7% year-over-year;Generated $10.9 million in quarterly operating cash flow;Declared dividend of $3.0 million; purchased $3.4 million under share buy-back program;Management Comment \nEyal Sheratzky, Co-CEO of Ituran, said, \"We are very pleased with the results of the second quarter, especially at a time when component supply chains remained tight and new car sales remain constrained. In particular, the above-average growth in our after-market subscriber base has continued for the second quarter this year and we have so far added 91,000 subscribers in 2022- well on target to reach or even surpass the top-end of our expected range of between 140,000-160,000 for the year.\"\nContinued Mr. Sheratzky, \"The strong growth in our subscriber base is beginning to be expressed in our subscriber revenue growth, which despite currency headwinds, showed a growth of 11% year-over-year. We also demonstrated a 130 basis-point improvement in the subscriber gross margin, demonstrating that the operating leverage in our business is beginning to become more apparent.\" \nAdded Mr. Sheratzky, \"Our continued profitability and ongoing cash generation enable us to share the fruits of our ongoing success with our shareholders. Beyond the regular dividend payment of $3 million per quarter, we purchased $3.4 million in shares under our share buy-back program. Both our dividend and share buy-back programs are expressions of our ongoing focus on generating shareholder value.\"\nSecond Quarter 2022 Results\nRevenues for the second quarter of 2022 were $73.4 million, an increase of 9% compared with revenues of $67.5 million in the second quarter of 2021. 71% of revenues were from location-based service subscription fees and 29% were from product revenues.\nRevenues from subscripti...