Ituran Location and trol .(ITRN)2024-11-21 11:01Subscriber 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 $83.5 million, a 3% increase year-over-year from $81.1 million[7] - Net income increased to $13.7 million, up by 9% year-over-year, with diluted earnings per share of $0.69[12] - Revenues for telematics services reached $180,943 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 $39,816 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 $2.00 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 $23.3 million, representing a 4% increase compared to $22.5 million in the third quarter of last year[11] - Gross profit for the quarter was $40.2 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 $16.9 million in the same quarter last year[11] - Gross profit for the nine months ended September 2024 was $119,504 thousand, up from $114,761 thousand, reflecting a growth of 3.2%[31] - Operating income for the nine months ended September 2024 was $53,134 thousand, an increase from $49,450 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 $53.0 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 $55,439 thousand in the previous year[33] - Capital expenditures for the nine months ended September 2024 were $9,144 thousand, compared to $10,193 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 $39,879 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 $8 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 $100 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]