Ituran Location and trol .-ITURAN PRESENTS THIRD QUARTER 2024 RESULTS

Core Insights - Ituran Location and Control Ltd. reported strong profitability for Q3 2024, with a net income of $13.7 million, a 9% increase year-over-year, and declared an$ 8 million dividend [1][2][13] Financial Performance - The number of subscribers reached 2,369,000, adding a net 40,000 in Q3 2024 [2][7] - Revenue for Q3 2024 was $83.5 million, a 3% increase from$ 81.1 million in Q3 2023; in local currencies, revenue grew by 7% year-over-year [2][6] - EBITDA for the quarter was $23.3 million, a 4% increase compared to$ 22.5 million in Q3 2023; in local currencies, EBITDA grew by 9% year-over-year [10] - Operating income was $18.4 million, representing a 9% increase compared to$ 16.9 million in Q3 2023 [10] - Gross profit for the quarter was $40.2 million, a 2% increase from$ 39.4 million in Q3 2023 [8] Revenue Breakdown - 71% of revenues were from location-based service subscription fees, totaling $59.6 million, a decrease of 1% year-over-year; in local currencies, subscription revenues grew by 4% [7] - Product revenues were$ 23.9 million, an increase of 14% year-over-year; in local currencies, product revenue grew by 15% [8] Guidance and Expectations - Management expects to add approximately 35,000 to 40,000 net new subscribers in Q4 2024 and projects full-year 2024 EBITDA to be between $90-95 million, with a target to surpass$ 100 million in 2025 [3][4] Dividend Declaration - The Board declared a dividend of $8 million, consistent with the previous quarter and a 60% increase over the same quarter last year, reflecting the company's strong profitability and cash flow [13]