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Margins suffer at Ituran Location in Q3

Nov. 25, 2019 6:49 AM ETIturan Location and Control Ltd. (ITRN) StockITRNBy: Niloofer Shaikh, SA News Editor
  • Ituran Location (NASDAQ:ITRN) reports subscription fees revenue rose 31% to $51.2M in Q3.
  • Product revenue grew 31% to $18.7M.
  • Subscriber base increased 1.7% Y/Y to 1.781M.
  • Adjusted gross margin rate squeezed 710 bps to 47%.
  • Adjusted operating margin rate decreased 670 bps to 19.6%.
  • Adjusted EBITDA up 10% to $18.73M.
  • The company added 20,000 net after-market subscribers during the quarter and there was no change to the number of OEM subscribers.
  • Previously: Ituran Location EPS misses by $0.08, misses on revenue (Nov. 25)

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