Ituran Q2 Revenue Hits Record $104.8M, Up 21%, Crushing Estimates
ITRN sits 61% above its 52-week low of $32.71.
Summary
Ituran delivered record Q2 revenue of $104.8 million, a 21% year-over-year jump that beat the $99.85 million consensus. Net income surged 29% to $17.3 million, with adjusted EPS of $0.88. The growth was fueled by a 25% increase in subscription revenue, driven by organic subscriber gains in Israel and Latin America plus OEM partnerships. Operating leverage was evident as operating and net income grew faster than revenue. The company also declared a $10 million dividend and repurchased $3 million in shares. This follows a strong Q1 and an insider registration to sell up to $218.7 million in shares filed in May, which adds a layer of complexity to the bullish print.
At the time of this announcement, ITRN was trading at $52.66 on NASDAQ in the Technology sector, with a market capitalization of approximately $1B. The 52-week trading range was $32.71 to $68.30. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.