Business
ITURAN PRESENTS FOURTH QUARTER & FULL YEAR 2024 RESULTS
Increases net subscriber-add expectations for 2025 significantly to 180-200,000, expecting to reach 2.6 million subscribers by year-end; Increases dividend
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Increases net subscriber-add expectations for 2025 significantly to 180-200,000, expecting to reach 2.6 million subscribers by year-end;\n Increases dividend policy by 25% to $10 million per quarter; \nAZOUR, Israel, Feb. 26, 2025 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the fourth quarter 2024.\n\nHighlights of Full Year 2024\n2,409,000 subscribers at year-end, adding 157,000, net, during the year at the high end of the guidance range.Record financial metrics across the board with revenue at $336.3 million, an increase of 5% year-over-year.Net income of $53.7 million, an increase of 11% year-over-year.EBITDA of $91.3 million, an increase of 5% year-over-year.Generated $74.3 million in operating cash flow.Year-end net cash position and marketable securities of $77.4 million.Returns to shareholders: declared a total of $34.0 million in dividends for the year 2024. Highlights of the Fourth Quarter of 2024\nAdded a net 40,000 subscribers in the quarter.Revenue of $82.9 million, an increase of 7% year-over-year.Strong gross margins: overall gross margin of 49.6%, with subscription gross margin at 59.6%.Net income increased to $13.8 million, up by 15% year-over-year.EBITDA grew to $22.5 million, a 3% increase year-over-year.Strong operating cash flow of $22.7 million.The Board declared a 25% increase to the dividend policy to $10 million, or $0.50 per share per quarter, from $8 million in the recent prior quarters.Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"2024 was a strong year for Ituran marked by solid growth and operational improvements. Furthermore, our results were even better in local currency terms, though significant currency devaluations versus the dollar in the past year negatively impacted our reported financial results. We continue to add new subscribers across all our geographies at a high rate adding 157,000 subscribers in the year, at the upper end of our expected range. Ituran continues to develop new products and services built on the latest technologies, leveraging cross-business synergies between the various parts of our business and offering our subscriber base an ever-broadening mix of value-adding products and services.\"\nMr. Sheratzky continued, \"Looking ahead to 2025, we expect to accelerate the growth in subscr...