Business
ITURAN PRESENTS ITS SECOND QUARTER 2023 RESULTS
Record revenue contributed from recent strong subscriber growth Net subscriber growth in Q2 2023 of 47,000 AZOUR, Israel , Aug. 15, 2023 /PRNewswire/ --
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Record revenue contributed from recent strong subscriber growth \nNet subscriber growth in Q2 2023 of 47,000 \nAZOUR, Israel , Aug. 15, 2023 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the second quarter of 2023.\nHighlights of the Second Quarter of 2023\nNet subscriber growth of 47,000: net increase in aftermarket of 45,000 and net increase in OEM of 2,000;Record revenue of $81.6 million, an increase of 11% year-over-year;Net income of $12.2 million, an increase of 40% year-over-year;EBITDA of $21.8 million, up 12% year-over-year;Generated $17.5 million in quarterly operating cash flow;Declared dividend of $3.0 million and continued share buy-back program totaling $3.5 million in the quarter;Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are very pleased with the results of the second quarter of 2023, especially with our highest level of quarterly revenue in our history and highest net income and EBITDA levels in over four years. The solid results are due to the accelerated subscriber growth we have seen in recent quarters which has contributed to our strong results. Furthermore, even given this strong growth, we have been able to continue to demonstrate very strong cash generation, reporting our highest ever operating cash flow in a six month period of almost $35 million.\"\n\"As our recent partnership with Santander Bank demonstrates, we are experiencing growing interest for our value-added telematic services from the car financing sector in Latin America. Our strong momentum adds to our optimism for continued growth in the coming quarters and we expect that the positive trends will continue through 2023 and beyond.\" \nSecond Quarter 2023 Results\nRevenues for the second quarter of 2023 were a record $81.6 million, an increase of 11% compared with revenues of $73.4 million in the second quarter of 2022. The appreciation of the US dollar over the past year, versus the local currencies in the various geographies in which Ituran operates impacted the revenues as reported in US dollars. In local currency terms, second quarter revenue grew by 15% compared with that of the second quarter of last year.\n72% of revenues were from location-based service subscription fees and 28% were from product revenues.\nRevenues from subscription fees we...