Ituran posts record Q2 revenue, beats estimates
Israel-based vehicle tracking firm Ituran reported a 21% year-over-year revenue increase in Q2, topping analyst forecasts with record sales.
Israel-based vehicle tracking and recovery services provider Ituran reported on Tuesday a 21% year-over-year rise in second-quarter revenue, reaching a record high.
The company said revenue totaled $124.7 million for the quarter ended June 30, up from $103.1 million in the same period last year. Analysts polled by Refinitiv had expected revenue of $120.5 million.
Net profit for the quarter increased to $14.2 million, or $0.45 per diluted share, compared with $11.8 million, or $0.37 per share, in Q2 2023. This also exceeded analysts' average estimate of $0.41 per share.
Ituran attributed the revenue growth to higher subscriber numbers and increased demand for its connected car services, including telematics and emergency assistance offerings. The company operates primarily in Israel and Brazil, two of its largest markets.
Shares of Ituran were up 3.2% in pre-market trading following the results.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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