Ituran Location & Control (ITRN) Tops Q3 EPS by 14c, Revenues Miss

Ituran Location & Control (NASDAQ: ITRN) reported Q3 EPS of $0.60, $0.14 better than the analyst estimate of $0.46. Revenue for the quarter came in at $53.4 million versus the consensus estimate of $57.06 million.

Eyal Sheratzky, Co-CEO of Ituran said, "Ituran continues to grow and is performing well. Again, significant local currency weakness versus the dollar had an impact on our financials. As the solid improvement in our margins indicates, the health of the underlying business is strong and allows us to continually grow profitably for the long-term, independent of the short-term volatility."

Continued Mr. Sheratzky, "We closed the third quarter consolidating Road Track, a company we had been working with closely for five years in Brazil and Argentina. Ituran is now a Company on a completely new scale adding significant operations throughout Latin America. While the impact on our P&L was not significant in the current quarter, we ended the quarter with over 1.7 million subscribers. In only a few weeks since the close, we are already working on leveraging the synergies, given our new scale in the telematics market in Latin America. We look forward to our continued growth and expansion for the foreseeable future."

For earnings history and earnings-related data on Ituran Location & Control (ITRN) click here.

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