Continued strong profitability and reiterates guidance; Declares an $8 million dividend for the second quarter of 2024 AZOUR, Israel, Aug. 19, 2024 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the second quarter 2024. Highlights of the Second Quarter of 2024 Number 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 milli ...

Company Overview - Ituran Location and Control Ltd. is a leader in mobility technology, providing location-based services including stolen vehicle recovery, fleet management, and mobile asset location services for various industries [4] - The company has a significant presence in Latin America as the largest OEM telematics provider and operates in over 20 countries [4][7] - Ituran has a growing subscriber base of over 2.2 million users since its inception in 1995, with approximately 2,800 employees worldwide [7] Upcoming Financial Results - Ituran will release its second quarter 2024 results on August 19, 2024 [1] - A conference call is scheduled for the same day at 9am Eastern Time, where management will discuss the results and answer investor questions [5] Investor Relations - For those unable to attend the live call, a replay will be available on Ituran's investor relations website the day after the call [3] - Contact information for investor relations is provided, including a US contact number and email [2]

Core Viewpoint - Ituran Location and Control Ltd. has announced a cash dividend distribution of $0.39 per share, totaling approximately $8 million, to be paid on July 2, 2024, to shareholders of record as of June 18, 2024 [1][2]. Financial Summary - The Board of Directors confirmed that the dividend distribution complies with Israeli law and will not affect the company's operational capabilities or future plans [2]. - Retained earnings before the dividend distribution were $208.8 million, which will decrease to $200.8 million post-distribution [3]. - As of March 31, 2024, the company had a cash balance of $54.0 million, with current assets (excluding cash) totaling $130.1 million and current liabilities amounting to $92.9 million [3]. Company Overview - Ituran is a leader in mobility technology, providing location-based services including stolen vehicle recovery and fleet management, primarily in Israel and Latin America [4]. - The company has a subscriber base exceeding 2.2 million and operates in over 20 countries, employing approximately 2,800 people globally [5].

Record revenue and continued strong profitability; reiterates guidance and declares an $8 million dividend for the first quarter of 2024 AZOUR, Israel, May 28, 2024 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the first quarter 2024. Highlights of the first quarter of 2024 Guidance for 2024 Overall, looking ahead to 2024, management reiterates its expectations for continued revenue growth and profitability throughout the year. Managem ...

Conference Call Scheduled at 10am ETAZOUR, Israel, May 6, 2024 /PRNewswire/ --  Ituran Location and Control Ltd. (NASDAQ: ITRN), announced that it will be releasing its first quarter 2024 results on Tuesday, May 28, 2024.The Company will be hosting a conference call later that day at 10am Eastern Time. On the call, management will review and discuss the results, and will be available to answer investor questions.To participate, please call one of the following teleconferencing numbers. Please begin placing ...

Market Competition and Risks - The company faces significant competition in the telematics market, with the risk that new or improved products could render its offerings less competitive or obsolete, potentially leading to a decline in revenues and profitability [107][114]. - The company operates in a competitive environment without established industry standards for its telematics products, which may impact demand [140]. - The company faces strong competition in each market, competing on technology, functionality, quality, and service availability [228]. Regulatory and Compliance Issues - The company has been declared a monopoly under Israeli law in the vehicle location systems market, which may restrict its operational flexibility and growth potential, with potential financial sanctions of up to approximately $27.6 million or 8% of annual revenues for breaches [135]. - The company is currently in the process of achieving compliance with local regulations for its base stations in Israel, which may take several years [150]. - The frequency licenses required for operations are "secondary" or "joint," meaning they may be subject to modification by regulatory authorities [267]. - The company is negotiating with ENACOM to define new frequencies for migration due to potential interference from a competitor's 4G service [271]. - Most base sites in Israel and Brazil operate without local building permits, with potential sanctions including fines or closure [283]. Financial Performance and Economic Factors - In 2023, the company faced growing inflation rates and interest rates in its main operating territories, which have increased financing and operational costs [145]. - Global and local economic downturns could reduce consumer spending in the automobile industry, adversely affecting demand for the company's products and services [173]. - Capital expenditures were $14.2 million in 2023, down from $26.5 million in 2022 and $16.6 million in 2021, primarily in Israel, Brazil, and Mexico [185]. - Currency fluctuations may lead to valuation adjustments in the company's assets and liabilities, potentially causing a decline in operational results [151]. Operational Challenges - The company relies on insurance companies and car manufacturers for its SVR services and telematics products, which could be adversely affected by a decline in new vehicle sales due to increased tariffs, taxes, or gas prices [106]. - The company has experienced semiconductor supply shortages, leading to increased product costs and necessitating advance inventory orders, which may not align with future demand [134]. - The company relies on third-party licenses for essential technology; loss of these licenses could disrupt operations and adversely affect revenues [117]. - The company outsources manufacturing to third parties, which poses risks related to timely product delivery and cost-effectiveness, potentially impacting revenues and profit margins [123][124]. - The company has not obtained several required permits for some of its base sites, which could materially affect network coverage and service provision [148]. Service and Product Offerings - In 2023, 73.3% of total revenues were generated from telematics services, with approximately 814,000 subscribers in Israel, 672,000 in Brazil, and 766,000 in other regions [195]. - Telematics products accounted for 26.7% of total revenues in 2023, with products used for automatic vehicle location and tracking [200]. - The "Connected Car" service platform includes a telematics device, mobile apps, and a back-office application, operational in Israel, Brazil, and other regions [197]. - The "Usage Based Insurance" (UBI) product has been implemented by most insurance companies in Israel, allowing for personalized insurance policies based on driving behavior [198]. - Telematics end-units are primarily used for services like stolen vehicle recovery (SVR) and fleet management in the regions of operation [227]. Growth and Expansion - The company anticipates future growth from new markets, particularly in developing countries, but faces risks such as longer payment cycles and difficulties in enforcing agreements [141]. - The company has expanded operations in Israel through mergers and acquisitions, contributing to subscriber growth [206]. - In Brazil, operations have grown organically since 2000, with services provided primarily in metropolitan areas [207]. Corporate Governance and Ethics - The company has a commitment to ethical practices and corporate governance, including a zero-tolerance policy for corruption and a Whistle Blower procedure [280]. - The company promotes fair labor practices and diversity within its workforce, receiving the "Great Place to Work" achievement in 2023 [282]. Infrastructure and Technology - The company has installed 98 base sites in Israel, 124 in Sao Paulo, Brazil, and 37 in Buenos Aires, Argentina, providing complete communications coverage in these regions [149]. - The telematics system utilizes terrestrial network triangulation technology, which provides precise vehicle location without requiring line of sight [247]. - Manufacturing operations are conducted by a limited number of manufacturers in Israel and China, with quality assurance processes in place [250]. - The company maintains a 24-hour control center in each operational country, enhancing service delivery and customer support [206].

MIAMI, April 15, 2024 /PRNewswire/ -- Ituran Location and Control (NASDAQ: ITRN) added $8 million to its dividend pool after a strong Q4, pushing its forward-looking yield to 6%. That attractive yield comes after the company posted record across-the-board financial metrics, including a 9% revenue increase year-over-year to $320 million, net income of $48 million, an increase of 30% year-over-year, and a 10% increase in EBITDA to $87 million. As of last Friday's close, ITRN's market cap is about $521 million ...

Exhibit 99.1 ITURAN PRESENTS FOURTH QUARTER & FULL YEAR 2023 RESULTS Dividend Policy increased by 60% to $8 million per quarter; Company introduces full year 2024 EBITDA guidance of $90-95m and a target to surpass $100m in EBITDA in 2025 AZOUR, Israel – February 29, 2024 – Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the fourth quarter and full year of 2023. Highlights of Full Year 2023 Highlights of the Fourth Quarter of 2023 Guidance for 2024 Over ...

Exhibit 99.1 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 – November 27, 2023 – Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the third quarter of 2023. Highlights of the Third Quarter of 2023 Management Comment Eyal Sheratzky, Co-CEO of Ituran said, "We are pleased with our third quarter results. The accelerat ...

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 – August 15, 2023 – Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced its consolidated financial results for the second quarter of 2023. Highlights of the Second Quarter of 2023 Management Comment Eyal Sheratzky, Co-CEO of Ituran said, "We are very pleased with the results of the second quarter of 2023, especially with our hig ...