Ituran Location and Control Ltd (NAS:ITRN)
$ 27.73 -0.07 (-0.25%) Market Cap: 551.65 Mil Enterprise Value: 493.05 Mil PE Ratio: 10.87 PB Ratio: 3.14 GF Score: 90/100
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Q2 2024 Ituran Location and Control Ltd Earnings Call Transcript

Aug 19, 2024 / 01:00PM GMT
Release Date Price: $27.87 (+3.07%)

Key Points

Positve
  • Revenue growth of 4% year-over-year, reaching $84.9 million.
  • Subscriber base expanded by 38,000, reaching a total of 2,329,000.
  • Strong net cash position of $63.1 million, up from $53 million at the end of 2023.
  • EBITDA increased by 6% year-over-year, reaching $23.1 million.
  • Dividend yield of over 6%, with a quarterly dividend of $8 million.
Negative
  • Negative impact from currency devaluation against the US dollar, affecting local currency results.
  • Volatility in product sales due to dependency on third-party customers and inventory decisions.
  • Lower ARPU (Average Revenue Per User) due to currency depreciation and sales to OEMs.
  • Pricing pressures in some geographies, although not significant.
  • Uncertainty in achieving future financial goals due to currency fluctuations in emerging markets.
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Ituran second quarter of 2024 Results Conference Call. (Operators instructions)

I will now hand the call over to Mr. Kenny Green of EK. Global Investor Relations. Mr. Green, would you like to begin?

Kenny Green;Eyal Sheratzky<
EK Global Investor Relations - Investor relations

Thank you and good day to all of you and welcome to Ituran's conference call to discuss the second quarter 2024 results. I would like to thank Ituran's management for hosting this conference call with me today on the line of Mr. Eyal Sheratzky, CEO, Mr. Demens Rocky, Deputy CEO and VP Finance, and Mr. Eliokem, our CFO of Ituran.

Eyal will begin with a summary of the quarter's results, followed by early with a summary of the financials, we will then open the call for the question and answer session.

I'd like to remind everyone that the Safe Harbor statement in today's press release also covers the contents of this conference call. And now Eyal, would you like to begin, please?

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