Ituran Q2 Profit Misses Estimates; Revenues Up 9%

(RTTNews) - Ituran Location and Control Ltd. (ITRN) reported second quarter net income of $8.7 million or earnings per share of $0.43, compared to $9.1 million or earnings per share of $0.44, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.47, for the quarter. Analysts' estimates typically exclude special items.

Revenues were $73.4 million, an increase of 9% year-over-year. Revenues from subscription fees were $52.3 million, an increase of 11%. The subscriber base amounted to 1,972,000 as of June 30, 2022.

Eyal Sheratzky, Co-CEO of Ituran, said, "The above-average growth in our after-market subscriber base has continued for the second quarter this year and we have so far added 91,000 subscribers in 2022- well on target to reach or even surpass the top-end of our expected range of between 140,000-160,000 for the year."

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