Business
ITURAN PRESENTS THIRD QUARTER 2023 RESULTS
Growth in subscriber revenue from continued subscriber growth leading to record EBITDA Net subscriber growth in Q3 2023 of 48,000 AZOUR, Israel, Nov. 27, 2023
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Growth in subscriber revenue from continued subscriber growth leading to record EBITDA\nNet subscriber growth in Q3 2023 of 48,000 \nAZOUR, Israel, Nov. 27, 2023 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the third quarter of 2023.\n\nHighlights of the Third Quarter of 2023\nStrong net subscriber growth of 48,000: a net increase in aftermarket of 45,000 and a net increase in OEM of 3,000;Revenue of $81.1 million, a 12% improvement year-over-year;Net income grew to $12.5 million, an increase of 24% year-over-year;EBITDA reached $22.5 million, a 15% increase year-over-year;Operating cash flow was reported at $20.5 million;The Company declared a dividend of $5 million and the share buyback in the quarter was $1.9 million, reflecting the company's robust financial position.Management Comment \nEyal Sheratzky, Co-CEO of Ituran said, \"We are pleased with our third quarter results. The accelerated subscriber growth we have seen in recent quarters continued in the third quarter and contributed to our highest ever level of subscriber revenues. In the fourth quarter, we expect subscriber growth of between 30,000 and 35,000, which is somewhat impacted by a lack of new car sales in Israel specifically, because of the war that started near the start of the fourth quarter. However, our well-over 2 million global subscriber base, which are consistently using our services on an ongoing monthly basis, provides us with continued long-term stability and growth, as well as significant resilience. We look forward to continued solid performance for the foreseeable future.\"\nContinued Mr. Sheratzky, \"We are very pleased to share the fruits of our ongoing profitable growth and reward our loyal shareholders for their long-term support of our company. We therefore increased our regular dividend payout starting from this quarter to $5 million.\"\nThird Quarter 2023 Results\nRevenue for the third quarter of 2023 was $81.1 million, a 12% increase compared with revenues of $72.7 million in the third quarter of 2022. In local currency terms, third quarter revenues grew by 13% compared with that of the third quarter of last year.\n74% of revenues were from location-based service subscription fees and 26% were from product revenues.\nRevenues from subscription fees were a record $60...