Ituran Location GAAP EPS of $0.43 misses by $0.04, revenue of $72.07M misses by $1.78M

May 24, 2022 6:32 AM ETIturan Location and Control Ltd. (ITRN)By: Niloofer Shaikh, SA News Editor
  • Ituran Location press release (NASDAQ:ITRN): Q1 GAAP EPS of $0.43 misses by $0.04.
  • Revenue of $72.07M (+7.0% Y/Y) misses by $1.78M.
  • The subscriber base amounted to 1,924,000 as of March 31, 2022.
  • Eyal Sheratzky, Co-CEO of Ituran said, "We are pleased with the financial results and the very solid start to 2022, demonstrating a real recovery in our aftermarket business across all our geographies as well as the contribution from some of our new growth engines: including UBI, finance customers and car rental companies. What I am most pleased about is the very solid growth in our subscriber base which strengthens our expectations of adding between 140 and 160 thousand net subscribers in 2022. Our subscriber base is expected to cross the two million customers mark during this year and I am very proud of soon reaching this milestone. I look forward to reaping the fruits of our continued growth in the upcoming quarters. "

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