Business
Ituran Location and Control Ltd. Presents Results for the Third Quarter of 2021
AZOUR, Israel, Nov. 16, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the third
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"AZOUR, Israel, Nov. 16, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the third quarter of 2021.\nHighlights of the third quarter of 2021\n25,000 net subscriber growth: net increase in aftermarket of 21,000 and net increase in OEM of 4,000; Revenues of $65.7 million, an increase of 9% year-over-year; Net income was $7.3 million, compared with $9.3 million last year; Adjusted net income (excluding the non-cash financial impact related to SaverOne's change in public market value) was $9.6 million versus $6.0 million last year; EBITDA of $18.5 million, up 23% year-over-year; Generated $11.5 million in quarterly operating cash flow; Declared dividend of $3 million; Continued share buy-back program totaling $1.9 million;Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are very pleased with our results, especially with the continued strong growth in our after-market subscriber base and the return to growth in the OEM base. Furthermore, the strong operating leverage in our business model enabled us to bring a 9% increase in revenue to a 23% increase in EBITDA.\"\nContinued Mr. Sheratzky, \"As the global recovery continues, we see a solid recovery in car sales in our markets which is leading to increased demand for our services. In particular, the Corona slowdown created many new opportunities for us, one of which we identified was the second-hand car market. We are providing our services to some key financing providers in Latin America, allowing them to reduce the loan risk by tracking the car and the driver behaviour. We see this as a growth engine that could significantly accelerate our subscriber growth in the second half of 2022 and beyond. More generally, we continue to focus on enhancing our growth by adding additional offerings and services, in particular, by taking advantage of the synergies across all our geographies. Looking ahead, our recent above-average subscriber-base growth throughout 2021 positions us exceptionally well to maintain our profitable growth in 2022 and beyond.\" \nThird quarter 2021 Results\nRevenues for the third quarter of 2021 were $65.7 million, an increase of 9% compared with revenues of $60.3 million in the third quarter of 2020.\n74% of revenues were from location-based service subscription fees and 26% wer...