Business
ITURAN PRESENTS ITS FIRST QUARTER 2023 RESULTS
Net subscriber growth in Q1 2023 of 49,000 Expects current strong subscriber net adds to contribute to accelerated revenue growth in 2023 AZOUR, Israel, May
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Net subscriber growth in Q1 2023 of 49,000 \nExpects current strong subscriber net adds to contribute to accelerated revenue growth in 2023 \nAZOUR, Israel, May 24, 2023 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the first quarter of 2023.\nHighlights of the first quarter of 2023\nNet subscriber growth at 49,000: net increase in aftermarket of 44,000 and net increase in OEM of 5,000;Revenues of $79.5 million, an increase of 10% year-over-year;Net income of $11.4 million, an increase of 30% year-over-year;EBITDA of $20.8 million, up 8% year-over-year;Generated $17.4 million in quarterly operating cash flow;Declared dividend of $3 million and continued share buy-back program totaling $1.2 million in the quarter;Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are very pleased with the results of the first quarter of 2023. The year has begun on a strong note and the accelerated subscriber growth we witnessed last year is starting to make its mark on our financial results. We experienced record subscriber revenues in the quarter with record subscriber gross margins and also saw our highest quarterly net income and EBITDA in over four years. Our success stems from introducing valuable new products and services that cater to our customer's mobility needs, while leveraging the synergies of our 2 million-plus ongoing subscribers across all the regions in which we operate.\"\n\"We are seeing an increase in interest in Latin America from car manufacturers, as well as from financing firms. We are increasingly optimistic for the upcoming quarters and expect that the positive trends we are currently experiencing will continue through 2023 and beyond.\" \nFirst Quarter 2023 Results\nRevenues for the first quarter of 2023 were $79.5 million, an increase of 10.3% compared with revenues of $72.1 million in the first quarter of 2022.\n70% of revenues were from location-based service subscription fees and 30% were from product revenues.\nRevenues from subscription fees were $55.8 million, an increase of 11% over first quarter 2022 revenues. \nThe subscriber base amounted to 2,115,000 as of March 31, 2023. This represents an increase of 49,000 net over that of the end of the prior quarter, and a net increase of 191,000 year-over-year. During the quarter, th...