Latest news with #Ituran
Yahoo
11 hours ago
- Business
- Yahoo
Ituran Location and Control Ltd (ITRN) Q1 2025 Earnings Call Highlights: Record Revenue and ...
Revenue: $86.5 million, a 2% increase year-over-year. Subscription Fees Revenue: $62.2 million, a 2% increase year-over-year. Product Revenue: $24.3 million, a 1% increase year-over-year. EBITDA: $23.3 million, 26.9% of revenues, a 4% increase year-over-year. Net Income: $14.6 million, or $0.73 diluted earnings per share, a 12% increase year-over-year. Operating Cash Flow: $15.5 million for the first quarter. Subscriber Base: Increased by 99,000 to 2,508,000. Dividend: $10 million declared for the quarter, representing $0.50 per share. Net Cash: $75.7 million as of March 31, 2025. Warning! GuruFocus has detected 4 Warning Signs with MOV. Release Date: May 28, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ituran Location and Control Ltd (NASDAQ:ITRN) achieved a significant milestone by surpassing 2.5 million subscribers, driven by a net addition of 99,000 subscribers in the first quarter. The company signed a new telematics service agreement with Stellantis, a major car OEM manufacturer, contributing to the subscriber growth. First-quarter revenues reached a record $86.5 million, marking a 2% increase year-over-year, with a 7% growth in local currency terms. EBITDA for the quarter increased by 4% to $23.3 million, with a 12% growth in local currency terms. Ituran Location and Control Ltd (NASDAQ:ITRN) declared a $10 million dividend for the quarter, reflecting strong profitability and cash flow, with an annualized dividend yield of around 6%. The strengthening of the US dollar negatively impacted financial results when translated from local currencies, particularly affecting revenues from Brazil and Mexico. The new OEM agreement with Stellantis, while contributing to subscriber growth, involves lower ARPU compared to the company's average. Increased R&D and marketing expenditures outpaced revenue growth, raising concerns about cost management. CapEx was higher than average in Q1, with expectations for it to decrease in subsequent quarters, indicating potential volatility in capital expenditures. The insurance market in Latin America, particularly in Brazil and Mexico, shows limited short-term potential for usage-based insurance (UBI) solutions, impacting growth opportunities in this segment. Q: In terms of new agreements, does it imply you set up new equipment and provide services for each produced car by Stellantis in Latin America, or do you have some options for them? A: Eyal Sheratzky, Co-CEO, explained that the current agreement with Stellantis is to provide services based on existing technology in their cars. While there is potential to broaden the relationship and add other services or hardware in the future, the current focus is on service provision. Q: What primarily affected the ramp-up of your subscription base, given the recent increase to roughly 100,000 per quarter? A: Eyal Sheratzky noted that the agreement with Stellantis initially brought a bulk of car owners to Ituran, which is not typical. Future quarters are expected to return to the usual rate of about 40,000 new subscribers per quarter. Q: Has Ituran taken steps to improve product gross margins, and what should we expect for the next couple of quarters? A: Eli Kamer, CFO, stated that the improvement in gross margins is due to operational leverage and cost savings. While telematics services margins are expected to improve with subscriber growth, product margins may fluctuate due to product mix changes. Q: What are your expectations for the Latin American insurance market, particularly regarding UBI insurance? A: Eyal Sheratzky mentioned that while there is high demand for car theft solutions in Brazil, the insurance companies in Brazil and Mexico are not yet ready to adopt UBI solutions. However, Argentina has shown some interest, and Ituran is prepared to capitalize on future opportunities. Q: Can you discuss the dynamics in the market for product revenues and how you see the pipeline evolving throughout the year? A: Eli Kamer explained that product revenue pipelines are managed on a daily basis, with stock levels adjusted according to demand. Gross margins for product revenues are expected to remain around 20-25%, depending on the product mix. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Malaysian Reserve
28-05-2025
- Automotive
- Malaysian Reserve
ITURAN PRESENTS FIRST QUARTER 2025 RESULTS
Surpasses 2.5 million subscriber milestone with 99,000 net adds in the quarter; raises 2025 net subscriber-add forecast to 220,000–240,000; AZOUR, Israel, May 28, 2025 /PRNewswire/ — Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the first quarter 2025. Highlights of the First Quarter of 2025 Added a record 99,000 net subscribers in the quarter. Revenue of $86.5 million, a 2% increase year-over-year. Operating income of $18.7 million, a 10% increase year-over-year. Net income increased to $14.6 million, a 12% increase year-over-year. EBITDA grew to $23.3 million, a 4% increase year-over-year. The Board declared a quarterly dividend of $10 million, or $0.50 per share. Management Comment Eyal Sheratzky, Co-CEO of Ituran said, 'We are very pleased with our strong start to 2025, marked by continued revenue and profit growth. Significantly, Ituran reached a major milestone in the quarter, crossing 2.5 million subscribers, ahead of plan. During the quarter, the higher than typical subscriber growth was due to an additional contribution from a new telematics service agreement signed with Stellantis. Stellantis is the largest car manufacturer in Latin America, which includes car brands Fiat, Jeep, Peugeot and many others. As an initial part of our agreement, in March, Stellantis switched its SVR subscriber base to Ituran and Ituran began providing services to their subscribers. As such, we increase our expectations for 2025 subscriber growth to between 220,000 and 240,000 net new subscribers.' Mr. Sheratzky continued, 'We continue to work on developing attractive new and advanced telematics products and services adding value to our large and growing customer base through cutting-edge technologies. We see good performance from our stolen vehicle recovery business as well as solid traction for our new products – especially telematic services for motorcycle and financing products in Latin America. All this has been contributing to our accelerating subscriber growth. Overall, 2025 is shaping up to be another year of solid growth and profitability for Ituran.' First Quarter 2025 Results Revenues for the quarter were $86.5 million, a 2% increase compared with $85.0 million in the first quarter of 2024. 72% of revenues were from location-based service subscription fees, and 28% were from product revenues. It is noted that the first quarter strength of the US dollar versus the various local currencies in which the Company operates compared to the year-ago US dollar level, impacted the revenue growth when translated into US dollars. In local currencies, revenues grew by 7% year-over-year. Revenues from subscription fees for the quarter were $62.2 million, an increase of 2% over the first quarter of 2024. In local currencies, subscription revenue grew by 9% year-over-year. The subscriber base surpassed Ituran's 2.5 million milestone during the quarter, and expanded to 2,508,000 by the end of March 2025, marking a quarterly increase of 99,000. The significant growth in the subscriber base during the quarter was partially due to the contribution from a new telematics service agreement signed with Stellantis. As an initial part of this agreement, in March, Stellantis switched their SVR subscriber base to Ituran and Ituran began providing services to these subscribers. Product revenues for the quarter were $24.3 million, an increase of 1% year-over-year. In local currencies, product revenue grew by 3% year-over-year. Gross profit for the quarter was $42.0 million (48.6% of revenues), a 6% increase compared with $39.5 million (46.5% of revenues) in the first quarter of 2024. In local currencies, gross profit grew by 10% year-over-year. Gross margin on subscription revenues improved to 58.3%, compared to 58.1% in Q1 2024. The gross margin on product revenues improved to 23.6%, compared to 17.1% last year. The variance in the product gross margin between quarters was due to the change in the product mix sold. Operating income for the quarter was $18.7 million (21.6% of revenues), representing a 10% increase compared to $17.0 million (20.0% of revenues) in Q1 2024. In local currencies, operating income grew by 17% year-over-year. EBITDA for the quarter was $23.3 million (26.9% of revenues), up 4% from $22.3 million (26.3% of revenues) in the first quarter of last year. In local currencies, EBITDA grew by 12% year-over-year. Net income for the quarter was $14.6 million (16.9% of revenues), or diluted earnings per share of $0.73, an increase of 12% compared to $13.0 million (15.3% of revenues), or $0.66 per diluted share, in the first quarter of 2024. In local currencies, net income grew by 20% year-over-year. Cash flow from operations for the quarter was $15.5 million. On the balance sheet, as of March 31, 2025, the Company had net cash, including marketable securities, of $75.7 million, which includes no debt. This is compared with net cash, including marketable securities, of $77.2 million, as of year-end 2024. Dividend The Board of Directors declared a dividend of $10 million for the quarter. The current dividend takes into account the Company's continuing strong profitability, ongoing positive cash flow, and strong balance sheet. The Company will also be hosting a video conference call via the Zoom platform later today, Wednesday, May 28, 2025 at 9am Eastern Time and 4pm Israel time. On the call, management will review and discuss the results and will be available to answer investor questions. To participate in the Zoom call, please register at the following link. For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran's website. Certain statements in this press release are 'forward-looking statements' within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'seeks', 'estimates' or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors, as well as factors related to the global COVID-19 pandemic. About Ituran Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance, financing industries and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology. Ituran's subscriber base has been growing significantly since the Company's inception to over 2.5 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States. For more information, please visit Ituran's website, at: Company Contact Udi Mizrahi udi_m@ Deputy CEO & VP Finance, Ituran (Israel) +972 3 557 1348 International Investor Relations Ehud Helft ituran@ EK Global Investor Relations (US) +1 212 378 8040 ITURAN LOCATION AND CONTROL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS US dollars March 31, December 31, (In thousands) 2025 2024 (unaudited) Current assets Cash and cash equivalents 75,683 77,357 Investments in marketable securities 2 10 Accounts receivable (net of provision for credit loss) 54,217 47,688 Other current assets 48,182 46,067 Inventories 23,281 23,434 201,365 194,556 Long-term investments and other assets Investments in affiliated companies 479 519 Investments in other companies 1,530 1,491 Other non-current assets 5,891 5,853 Deferred income taxes 12,585 12,273 Funds in respect of employee rights upon retirement 21,690 21,823 42,175 41,959 Property and equipment, net 35,951 33,080 Operating lease right-of-use assets, net 9,115 8,947 Intangible assets, net 8,686 9,011 Goodwill 39,257 39,325 Total assets 336,549 326,878 ITURAN LOCATION AND CONTROL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (cont.) US dollars March 31, December 31, (In thousands) 2025 2024 (unaudited) Current liabilities Credit from banking institutions – 114 Accounts payable 20,040 18,847 Deferred revenues 24,338 22,857 Other current liabilities 48,962 45,904 93,340 87,722 Long-term liabilities Liability for employee rights upon retirement 28,070 27,593 Deferred income taxes 439 418 Deferred revenues 11,701 12,231 Operating lease liabilities, non-current 5,358 5,562 Other non-current liabilities 2,125 2,095 47,693 47,899 Stockholders' equity 190,674 185,227 Non-controlling interests 4,842 6,030 Total equity 195,516 191,257 Total Liabilities and equity 336,549 326,878 ITURAN LOCATION AND CONTROL LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME US dollars Three months periodended March 31, (in thousands, except per share data) 2025 2024 Revenues: Telematics services (unaudited) 62,180 60,935 Telematics products 24,275 24,091 86,455 85,026 Cost of revenues: Telematics services 25,899 25,521 Telematics products 18,537 19,962 44,436 45,483 Gross profit 42,019 39,543 Research and development expenses 4,862 4,523 Selling and marketing expenses 4,259 3,574 General and administrative expenses 14,238 14,456 Other expenses (income), net 6 (39) Operating income 18,654 17,029 Financing income, net 546 75 Income before income tax 19,200 17,104 Income tax expenses (4,066) (3,430) Share in losses of affiliated companies, net (34) (81) Net income for the period 15,100 13,593 Less: Net income attributable to non-controlling interest (508) (557) Net income attributable to the company 14,592 13,036 Basic and diluted earnings per share attributable to Company's stockholders 0.73 0.66 Basic and diluted weighted average number of shares outstanding (in thousands) 19,894 19,894 ITURAN LOCATION AND CONTROL LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS US dollars Three months periodended March 31, (in thousands) 2025 2024 (unaudited) Cash flows from operating activities Net income for the period 15,100 13,593 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 4,628 5,298 Loss (gain) in respect of trading marketable securities and other investments 8 (104) Increase in liability for employee rights upon retirement 1,031 762 Share in losses of affiliated companies, net 34 81 Deferred income taxes (85) (790) Capital loss on sale of property and equipment, net 31 36 Increase in accounts receivable (6,564) (4,840) Increase in other current and non-current assets (22) (3,485) Decrease (increase) in inventories (130) 521 Increase (decrease) in accounts payable 269 (470) Increase in deferred revenues 747 1,264 Increase (decrease) in other current and non-current liabilities 412 (464) Net cash provided by operating activities 15,459 11,402 Cash flows from investment activities Increase in funds in respect of employee rights upon retirement, net of withdrawals (292) (707) Capital expenditures (6,610) (3,131) Return from (investments in) affiliated and other companies, net (4) 138 Repayment of (Investment in) long-term deposit (84) 64 Proceeds from sale of property and equipment 300 156 Net cash used in investment activities (6,690) (3,480) Cash flows from financing activities Short term credit from banking institutions, net (114) (273) Dividend paid (7,758) (4,774) Dividend paid to non-controlling interests (1,677) (1,630) Net cash used in financing activities (9,549) (6,677) Effect of exchange rate changes on cash and cash equivalents (894) (644) Net change in cash and cash equivalents (1,674) 601 Balance of cash and cash equivalents at beginning of period 77,357 53,434 Balance of cash and cash equivalents at end of period 75,683 54,035 Supplementary information on investing and financing activities not involving cash flows: In February 2025, the Company declared a dividend in an amount of US$ 10 million. The dividend was paid in April 2025. Logo – View original content:
Yahoo
28-05-2025
- Business
- Yahoo
ITURAN LOCATION AND CONTROL LTD Announces Dividend Distribution of $10 Million Declared for the First Quarter of 2025
AZOUR, Israel, May 28, 2025 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) announced that the Board of Directors approved the distribution of a cash dividend in the amount of $0.50 per share, totaling approximately US$ 10 million. The dividend will be paid to shareholders of record as of June 18, 2025. The Company will pay the dividend out on July 2, 2025, net of taxes at the rate of 25%. In its decision to approve the distribution of the cash dividend, the Board of Directors examined whether the Company meets the distribution criteria according to Israeli law. The Board of Directors concluded that the above-mentioned distribution will not undermine the Company's ability to keep performing in its current course of business or future plans, and is able to meet its undertakings when due. Retained earnings as of March 31, 2025, prior to the distribution was US$ 230.7 million and retained earnings will reach US$ 220.7 million after the distribution. The Board of Directors emphasized that as of March 31, 2025, the Company had a cash balance in hand of US$ 75.7 million (this amount is prior to the payment of a dividend of approximately US$ 10 million which was issued for the fourth quarter 2024 and was paid out in April 2025). The Company had no credit from banking institutions. As of March 31, 2025, the Company's current assets (excluding cash and cash equivalents) were in the sum of US$ 125.7 million and current liabilities were in the sum of US$ 93.3 million. About IturanIturan is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology. Ituran's subscriber base has been growing significantly since the Company's inception to over 2.5 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States. For more information, please visit Ituran's website, at: Company Contact Udi Mizrahi udi_m@ Deputy CEO &VP Finance, Ituran (Israel) +972 3 557 1348 International Investor Relations Ehud Helft ituran@ EK Global Investor Relations (US) +1 212 378 8040 Logo: View original content: SOURCE Ituran Location and Control Ltd. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
ITURAN PRESENTS FIRST QUARTER 2025 RESULTS
Surpasses 2.5 million subscriber milestone with 99,000 net adds in the quarter; raises 2025 net subscriber-add forecast to 220,000–240,000; AZOUR, Israel, May 28, 2025 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the first quarter 2025. Highlights of the First Quarter of 2025 Added a record 99,000 net subscribers in the quarter. Revenue of $86.5 million, a 2% increase year-over-year. Operating income of $18.7 million, a 10% increase year-over-year. Net income increased to $14.6 million, a 12% increase year-over-year. EBITDA grew to $23.3 million, a 4% increase year-over-year. The Board declared a quarterly dividend of $10 million, or $0.50 per share. Management Comment Eyal Sheratzky, Co-CEO of Ituran said, "We are very pleased with our strong start to 2025, marked by continued revenue and profit growth. Significantly, Ituran reached a major milestone in the quarter, crossing 2.5 million subscribers, ahead of plan. During the quarter, the higher than typical subscriber growth was due to an additional contribution from a new telematics service agreement signed with Stellantis. Stellantis is the largest car manufacturer in Latin America, which includes car brands Fiat, Jeep, Peugeot and many others. As an initial part of our agreement, in March, Stellantis switched its SVR subscriber base to Ituran and Ituran began providing services to their subscribers. As such, we increase our expectations for 2025 subscriber growth to between 220,000 and 240,000 net new subscribers." Mr. Sheratzky continued, "We continue to work on developing attractive new and advanced telematics products and services adding value to our large and growing customer base through cutting-edge technologies. We see good performance from our stolen vehicle recovery business as well as solid traction for our new products – especially telematic services for motorcycle and financing products in Latin America. All this has been contributing to our accelerating subscriber growth. Overall, 2025 is shaping up to be another year of solid growth and profitability for Ituran." First Quarter 2025 Results Revenues for the quarter were $86.5 million, a 2% increase compared with $85.0 million in the first quarter of 2024. 72% of revenues were from location-based service subscription fees, and 28% were from product revenues. It is noted that the first quarter strength of the US dollar versus the various local currencies in which the Company operates compared to the year-ago US dollar level, impacted the revenue growth when translated into US dollars. In local currencies, revenues grew by 7% year-over-year. Revenues from subscription fees for the quarter were $62.2 million, an increase of 2% over the first quarter of 2024. In local currencies, subscription revenue grew by 9% year-over-year. The subscriber base surpassed Ituran's 2.5 million milestone during the quarter, and expanded to 2,508,000 by the end of March 2025, marking a quarterly increase of 99,000. The significant growth in the subscriber base during the quarter was partially due to the contribution from a new telematics service agreement signed with Stellantis. As an initial part of this agreement, in March, Stellantis switched their SVR subscriber base to Ituran and Ituran began providing services to these subscribers. Product revenues for the quarter were $24.3 million, an increase of 1% year-over-year. In local currencies, product revenue grew by 3% year-over-year. Gross profit for the quarter was $42.0 million (48.6% of revenues), a 6% increase compared with $39.5 million (46.5% of revenues) in the first quarter of 2024. In local currencies, gross profit grew by 10% year-over-year. Gross margin on subscription revenues improved to 58.3%, compared to 58.1% in Q1 2024. The gross margin on product revenues improved to 23.6%, compared to 17.1% last year. The variance in the product gross margin between quarters was due to the change in the product mix sold. Operating income for the quarter was $18.7 million (21.6% of revenues), representing a 10% increase compared to $17.0 million (20.0% of revenues) in Q1 2024. In local currencies, operating income grew by 17% year-over-year. EBITDA for the quarter was $23.3 million (26.9% of revenues), up 4% from $22.3 million (26.3% of revenues) in the first quarter of last year. In local currencies, EBITDA grew by 12% year-over-year. Net income for the quarter was $14.6 million (16.9% of revenues), or diluted earnings per share of $0.73, an increase of 12% compared to $13.0 million (15.3% of revenues), or $0.66 per diluted share, in the first quarter of 2024. In local currencies, net income grew by 20% year-over-year. Cash flow from operations for the quarter was $15.5 million. On the balance sheet, as of March 31, 2025, the Company had net cash, including marketable securities, of $75.7 million, which includes no debt. This is compared with net cash, including marketable securities, of $77.2 million, as of year-end 2024. Dividend The Board of Directors declared a dividend of $10 million for the quarter. The current dividend takes into account the Company's continuing strong profitability, ongoing positive cash flow, and strong balance sheet. Conference Call Information The Company will also be hosting a video conference call via the Zoom platform later today, Wednesday, May 28, 2025 at 9am Eastern Time and 4pm Israel time. On the call, management will review and discuss the results and will be available to answer investor questions. To participate in the Zoom call, please register at the following link. For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran's website. Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors, as well as factors related to the global COVID-19 pandemic. About Ituran Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance, financing industries and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology. Ituran's subscriber base has been growing significantly since the Company's inception to over 2.5 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States. For more information, please visit Ituran's website, at: Company Contact Udi Mizrahi udi_m@ Deputy CEO & VP Finance, Ituran (Israel) +972 3 557 1348 International Investor Relations Ehud Helft ituran@ EK Global Investor Relations (US) +1 212 378 8040 ITURAN LOCATION AND CONTROL CONSOLIDATED BALANCE SHEETS US dollarsMarch 31, December 31, (In thousands) 20252024(unaudited) Current assets Cash and cash equivalents 75,68377,357 Investments in marketable securities 210 Accounts receivable (net of provision for credit loss) 54,21747,688 Other current assets 48,18246,067 Inventories 23,28123,434201,365194,556 Long-term investments and other assetsInvestments in affiliated companies 479519 Investments in other companies 1,5301,491 Other non-current assets 5,8915,853 Deferred income taxes 12,58512,273 Funds in respect of employee rights upon retirement 21,69021,82342,17541,959 Property and equipment, net 35,95133,080 Operating lease right-of-use assets, net 9,1158,947 Intangible assets, net 8,6869,011 Goodwill 39,25739,325 Total assets 336,549326,878 ITURAN LOCATION AND CONTROL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (cont.) US dollarsMarch 31,December 31, (In thousands) 20252024(unaudited) Current liabilities Credit from banking institutions -114 Accounts payable 20,04018,847 Deferred revenues 24,33822,857 Other current liabilities 48,96245,90493,34087,722 Long-term liabilities Liability for employee rights upon retirement 28,07027,593 Deferred income taxes 439418 Deferred revenues 11,70112,231 Operating lease liabilities, non-current 5,3585,562 Other non-current liabilities 2,1252,09547,69347,899 Stockholders' equity 190,674185,227 Non-controlling interests 4,8426,030 Total equity 195,516191,257 Total Liabilities and equity 336,549326,878 ITURAN LOCATION AND CONTROL CONSOLIDATED STATEMENTS OF INCOMEUS dollars Three months periodended March 31,(in thousands, except per share data)20252024 Revenues: Telematics services (unaudited) 62,18060,935Telematics products24,27524,09186,45585,026 Cost of revenues: Telematics services 25,89925,521Telematics products18,53719,96244,43645,483 Gross profit42,01939,543Research and development expenses 4,8624,523Selling and marketing expenses 4,2593,574General and administrative expenses 14,23814,456Other expenses (income), net6(39)Operating income18,65417,029Financing income, net54675Income before income tax19,20017,104Income tax expenses (4,066)(3,430)Share in losses of affiliated companies, net(34)(81)Net income for the period15,10013,593Less: Net income attributable to non-controlling interest(508)(557)Net income attributable to the company 14,59213,036 Basic and diluted earnings per share attributable to Company's stockholders0.730.66Basic and diluted weighted average number of shares outstanding (in thousands)19,89419,894 ITURAN LOCATION AND CONTROL CONSOLIDATED STATEMENTS OF CASH FLOWSUS dollars Three months periodended March 31, (in thousands)20252024 (unaudited) Cash flows from operating activities Net income for the period15,10013,593 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization4,6285,298 Loss (gain) in respect of trading marketable securities and other investments8(104) Increase in liability for employee rights upon retirement1,031762 Share in losses of affiliated companies, net3481 Deferred income taxes(85)(790) Capital loss on sale of property and equipment, net3136 Increase in accounts receivable(6,564)(4,840) Increase in other current and non-current assets(22)(3,485) Decrease (increase) in inventories(130)521 Increase (decrease) in accounts payable269(470) Increase in deferred revenues7471,264 Increase (decrease) in other current and non-current liabilities412(464) Net cash provided by operating activities15,45911,402Cash flows from investment activities Increase in funds in respect of employee rights upon retirement, net of withdrawals(292)(707) Capital expenditures(6,610)(3,131) Return from (investments in) affiliated and other companies, net(4)138 Repayment of (Investment in) long-term deposit(84)64 Proceeds from sale of property and equipment300156 Net cash used in investment activities(6,690)(3,480)Cash flows from financing activities Short term credit from banking institutions, net(114)(273) Dividend paid (7,758)(4,774) Dividend paid to non-controlling interests(1,677)(1,630) Net cash used in financing activities(9,549)(6,677) Effect of exchange rate changes on cash and cash equivalents(894)(644) Net change in cash and cash equivalents(1,674)601 Balance of cash and cash equivalents at beginning of period77,35753,434 Balance of cash and cash equivalents at end of period75,68354,035 Supplementary information on investing and financing activities not involving cash flows: In February 2025, the Company declared a dividend in an amount of US$ 10 million. The dividend was paid in April 2025. Logo - View original content: SOURCE Ituran Location and Control Ltd. Sign in to access your portfolio
Malaysian Reserve
28-05-2025
- Automotive
- Malaysian Reserve
Ituran Announces New OEM Agreement with Stellantis in South America
AZOUR, Israel, May 27, 2025 /PRNewswire/ — Ituran Location and Control Ltd. (NASDAQ: ITRN), a global leader in vehicle telematics, today announced a new service agreement with Stellantis in South America. The contract covers multiple countries in the region and is set for a multi-year period, with the potential for expansion to additional markets and extended service periods. Eyal Sheratzky, co-CEO of Ituran, commented, 'We are excited to enter this strategic partnership with Stellantis, bringing our advanced stolen vehicle recovery and tracking solutions to their customers across South America. Stellantis is the largest car manufacturer in Latin America, which includes Fiat, Jeep, Peugeot and many others. Our goal is to provide Stellantis drivers with a safer and more connected experience while strengthening our position as a leading telematics provider in the region. We anticipate this partnership will significantly expand our subscriber base over the coming years.' Gisele Tonello, Vice-President Stellantis Software Business Unit in South América, added, 'We are pleased to collaborate with Ituran to enhance the security and connectivity of our vehicles in South America. This agreement will allow our customers to benefit from industry-leading vehicle recovery and tracking services, ensuring greater peace of mind. We look forward to a strong and long-lasting partnership with Ituran.' About Ituran Ituran is a leader in the mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology. Ituran's subscriber base has been growing significantly since the Company's inception to approximately 2.5 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 3,000 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States. For more information, please visit Ituran's website, at: Company Contact Udi Mizrahi udi_m@ Deputy CEO and VP Finance, Ituran (Israel) +972 3 557 1348 International Investor Relations Ehud Helft ituran@ EK Global Investor Relations (US) +1 212 378 8040 Logo: View original content:
