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Ituran Location and trol .(ITRN) - 2024 Q3 - Quarterly Report
ITRNIturan Location and trol .(ITRN)2024-11-21 11:01
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Subscriber Growth - The number of subscribers reached 2,369,000, adding a net 40,000 in the third quarter of 2024[3] Revenue and Income - Revenue for the third quarter of 2024 was 83.5million,a383.5 million, a 3% increase year-over-year from 81.1 million[7] - Net income increased to 13.7million,upby913.7 million, up by 9% year-over-year, with diluted earnings per share of 0.69[12] - Revenues for telematics services reached 180,943thousandfortheninemonthsendedSeptember2024,a4.9180,943 thousand for the nine months ended September 2024, a 4.9% increase from 175,115 thousand in the same period of 2023[31] - Net income attributable to the Company for the nine months ended September 2024 was 39,816thousand,comparedto39,816 thousand, compared to 36,118 thousand in the prior year, representing a 4.7% increase[31] - Basic and diluted earnings per share attributable to Company's shareholders increased to 2.00fortheninemonthsendedSeptember2024,upfrom2.00 for the nine months ended September 2024, up from 1.80 in the same period of 2023[31] Profitability Metrics - EBITDA for the quarter was 23.3million,representinga423.3 million, representing a 4% increase compared to 22.5 million in the third quarter of last year[11] - Gross profit for the quarter was 40.2million,representing48.140.2 million, representing 48.1% of revenues, a 2% increase year-over-year[9] - Operating income for the quarter was 18.4 million, a 9% increase compared to 16.9millioninthesamequarterlastyear[11]−GrossprofitfortheninemonthsendedSeptember2024was16.9 million in the same quarter last year[11] - Gross profit for the nine months ended September 2024 was 119,504 thousand, up from 114,761thousand,reflectingagrowthof3.2114,761 thousand, reflecting a growth of 3.2%[31] - Operating income for the nine months ended September 2024 was 53,134 thousand, an increase from 49,450thousandintheprioryear,reflectingagrowthof3.449,450 thousand in the prior year, reflecting a growth of 3.4%[31] Cash Position and Expenditures - The company had a net cash position of 67.3 million as of September 30, 2024, compared to 53.0millionatyear−end2023[14]−NetcashprovidedbyoperatingactivitiesfortheninemonthsendedSeptember2024was53.0 million at year-end 2023[14] - Net cash provided by operating activities for the nine months ended September 2024 was 51,575 thousand, slightly down from 55,439thousandinthepreviousyear[33]−CapitalexpendituresfortheninemonthsendedSeptember2024were55,439 thousand in the previous year[33] - Capital expenditures for the nine months ended September 2024 were 9,144 thousand, compared to 10,193thousandinthesameperiodof2023[33]−ThebalanceofcashandcashequivalentsattheendoftheperiodforSeptember2024was10,193 thousand in the same period of 2023[33] - The balance of cash and cash equivalents at the end of the period for September 2024 was 67,465 thousand, up from 39,879thousandinthepreviousyear[33]Dividends−TheBoarddeclaredadividendof39,879 thousand in the previous year[33] Dividends - The Board declared a dividend of 8 million, which is 60% higher than the same quarter last year[15] - The Company declared a dividend of 8millioninAugust2024,tobepaidinOctober2024[34]Guidance−Theguidanceforfull−year2024EBITDAexpectationsisbetween8 million in August 2024, to be paid in October 2024[34] Guidance - The guidance for full-year 2024 EBITDA expectations is between 90-95 million, with a target to surpass 100millionin2025[4]RevenueSources−71100 million in 2025[4] Revenue Sources - 71% of revenues were from location-based service subscription fees, while 29% were from product revenues[8] Research and Development - Research and development expenses increased to 13,607 thousand for the nine months ended September 2024, compared to $12,746 thousand in the same period of 2023[31]