Welcome to our dedicated page for Ituran Location news (Ticker: ITRN), a resource for investors and traders seeking the latest updates and insights on Ituran Location stock.
Ituran Location and Control Ltd. provides location-based mobility technology and vehicle telematics services under the ITRN ticker. The company reports recurring developments in stolen vehicle recovery, fleet management, connected-car services, mobile asset location, and telematics products used for automatic vehicle location and identification.
Ituran news commonly covers subscriber growth, subscription and product revenue trends, quarterly and annual results, dividend and share-repurchase actions, and OEM connectivity agreements in Israel, Latin America, and other markets. Company updates also include IturanMob smart-mobility applications, embedded hardware and backend services for connected vehicles, and the DRIVE startup incubator focused on smart mobility technology.
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Ituran Location and Control Ltd. (NASDAQ: ITRN) has announced a cash dividend of $0.14 per share, amounting to approximately US$3 million. Shareholders of record as of March 21, 2023 will receive the dividend on April 4, 2023, with a tax deduction of 25%. The Board of Directors confirmed this decision after ensuring that the distribution would not compromise the company's operations. Following the payment, retained earnings will be US$166 million, down from US$169 million. The company holds a cash balance of US$27.9 million, alongside US$12.2 million in credit facilities, maintaining a solid financial position.
Ituran Location and Control Ltd. (NASDAQ: ITRN) reported strong financial results for Q4 and FY 2022, with a record revenue of $293.1 million, an 8% year-over-year increase. The subscriber base grew by 185,000 in 2022, reaching a total of 2,066,000 subscribers. Net income rose 8% to $37.1 million. In Q4 alone, revenue was $74.9 million, up 7%, with net income stable at $9.6 million. Management anticipates 2023 subscriber growth of 180,000 to 200,000. The company issued $12 million in dividends and conducted share buybacks worth $8.4 million in 2022, ending the year with $16 million in net cash.