Ituran Boosts Subscribers

By Staff Writer May 14, 2020

Ituran Location and Control Ltd. saw subscribers grow in as it announced its consolidated financial results for the first quarter of 2020.

Highlights of the first quarter of 2020 included revenue of $68.4 million; EBITDA of $15.3 million; $10.7 million in quarterly operating cash flow; a net increase in aftermarket subscribers of 17,000 and total subscribers reached 1,794,000 at the end of the quarter.

“We are pleased with Ituran's first quarter performance with revenues and operating income ahead of those of the prior quarter, driven by continued subscriber growth in the aftermarket business,” said Eyal Sheratzky, Co-CEO of Ituran. “This is despite the impact from the COVID-19 pandemic and some currency headwinds. Due to the pandemic, in the second quarter we have seen a halt in new car sales globally, and therefore in new subscribers.”

The subscriber base amounted to 1,794,000 as of March 31, 2020. This represents an increase of 13,000 over that of the end of the prior quarter. During the quarter, Ituran added 17,000 aftermarket subscribers, while the OEM subscriber base declined by 4,000.

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Last modified on Thursday, 14 May 2020 18:43

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