Ituran Posts Record Quarter and Board Approves $0.50 Per-Share Dividend

The payout reflects strong cash and retained earnings and a tax ruling that lowers the withholding rate on the distribution.

Overview

Ituran reported a record first quarter with $102.7 million in revenue, a 19% year-over-year rise driven by a 21% increase in subscription revenue to $75.4 million.
The company added 40,000 net subscribers in the quarter, bringing the total to about 2.67 million and reaffirming a full-year target of 160,000–180,000 net additions.
Profitability remained robust with EBITDA of $26.7 million, net income of $16.8 million, and operating cash flow of $18.2 million.
The Board approved a cash dividend of $0.50 per share, roughly US$10 million, to be paid net of a 20% withholding rate under an Israel Tax Authority ruling.
Ituran said retained earnings and a $108.0 million cash balance support the payout, it has no bank debt, and it will continue share repurchases while pushing OEM partnerships and new data initiatives to drive future growth.