Ituran Q1 Revenue Tops $100M with 21% Subscription Growth and Dividend
ITRN•Ituran reported Q1 revenue of $102.7 million, up 19%, driven by a 21% rise in subscription revenue to $75.4 million and a 40,000-subscriber gain to a 2.67 million base. EBITDA climbed 15% to $26.7 million, net income rose 15% to $16.8 million and the board declared a $10 million dividend.
1. Strong Revenue and Subscription Growth
Ituran achieved first quarter revenue of $102.7 million, marking a 19% year-over-year increase. Subscription fees climbed 21% to $75.4 million, reflecting robust demand for location-based services and telematics offerings.
2. Profitability and Cash Flow
Operating income rose 18% to $22.1 million, while EBITDA increased 15% to $26.7 million. Net income reached $16.8 million, up 15%, and cash flow from operations totaled $18.2 million, bolstering liquidity.
3. Dividend and Buyback Program
The board declared a $10 million quarterly dividend, or $0.50 per share, reflecting ongoing strong profitability and cash flow. A $10 million increase to the share buyback authorization leaves $13 million remaining for repurchases.
4. Subscriber Base Expansion
Net additions of 40,000 subscribers grew the base to 2.67 million by quarter end. Growth was driven by stolen vehicle recovery and telematics services across core markets in Israel and Latin America.
