Ituran Location & Control (ITRN) Tops Q1 EPS by 2c, Revenues Beat

Ituran Location & Control (NASDAQ: ITRN) reported Q1 EPS of $0.40, $0.02 better than the analyst estimate of $0.38. Revenue for the quarter came in at $67.4 million versus the consensus estimate of $64.64 million.

Highlights of the first quarter of 2021

Continued growth as the Company continues to successfully overcome and exits the impacts of the Covid-19 pandemic;
Net increase in aftermarket subscribers of 25,000; net decrease in OEM subscribers of 5,000;
Revenue of $67.4 million at around the same level as in the first quarter of last year and up 6% sequentially;
Net income of $8.3 million, up 30% year-over-year and adjusted EBITDA of $17.1 million, up 12% year-over-year;
Generated $9.2 million in quarterly operating cash flow;
Declared dividend of $3 million;

Management Comment

Eyal Sheratzky, Co-CEO of Ituran said, "We are happy with the continued improvement in our quarterly results with a solid increase in profitability. We are especially pleased with the strong growth in our after-market subscriber base which grew by 25,000, above our typically expected range. While the pandemic continues to impact many people in many of the countries we operate in, we are pleased that we are successfully overcoming the challenges and moving through 2021, we have returned to growth and improving profitability.

Mr. Sheratzky concluded, "Our results demonstrate that Ituran is emerging from this period as a stronger company, with a platform for continued sustainable and profitable growth. We expect the positive trends in our results to continue throughout the year ahead."

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

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