Business
ITURAN PRESENTS SECOND QUARTER 2024 RESULTS
Continued strong profitability and reiterates guidance; Declares an $8 million dividend for the second quarter of 2024 AZOUR, Israel, Aug. 19, 2024
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Continued strong profitability and reiterates guidance; Declares an $8 million dividend for the second quarter of 2024\nAZOUR, Israel, Aug. 19, 2024 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the second quarter 2024.\n\nHighlights of the Second Quarter of 2024\nNumber of subscribers reached 2,329,000, adding a net 38,000 in the second quarter.Revenue of $84.9 million, an increase of 4% year-over-year.Net income increased to $13.1 million, up by 7% year-over-year.EBITDA grew to $23.1 million, a 6% increase year-over-year.Operating cash flow of $22.9 million.The Board declared a dividend of $8 million or $0.39 per share, in line with the Company's dividend policy.Guidance for 2024\nOverall, looking ahead to 2024, management reiterates its expectations for continued revenue and profit growth, adding approximately 35,000 to 40,000, net new subscribers per each quarter throughout 2024.\nFrom a financial perspective, full-year 2024 EBITDA expectations continue to be between $90-95 million and 2025 EBITDA is targeted to surpass $100 million. The current guidance assumes that the exchange rates in the geographies in which Ituran operate do not worsen against the US dollar, and the current global macro-economic situation and the political situation in Israel do not materially deteriorate.\nManagement Comment\nEyal Sheratzky, Co-CEO of Ituran, said, \"We are pleased with our second quarter results with continued solid growth in the subscriber base and ongoing strong financial performance. Our business remains fundamentally strong and showed accelerated growth in our geographies, when measured in local currency terms. The strong dollar appreciation in the quarter prevented these solid growth rates from being reflected fully in our financial results. Overall, our performance show ongoing solid demand growth for our broad location-based products and telematic services, and especially increased traction from many of our new initiatives.\"\nContinued Mr. Sheratzky, \"Looking ahead, we remain on track for 2024. Given our ongoing success, we are happy to reward our shareholders with a high level of dividend for their ongoing support of our company.\"\nSecond Quarter 2024 Results\nRevenues for the second quarter of 2024 were $84.9 million, a 4% increase compared with reve...