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- Ituran Location And Control Ltd (NASDAQ:ITRN) posted 10.6% year-over-year sales growth in the fourth quarter of FY21 to $70.36 million, slightly beating the consensus of $70.03 million.
- Subscription fees for location-based services accounted for 69% of revenue and 31% came from product revenue.
- Subscription fee revenue increased 7% and product revenue increased 21%.
- The subscriber base grew 6.4% year-on-year to 1.88 million.
- Gross profit increased 13% year-on-year to $33.4 million and gross margin increased 110 basis points to 47.5%.
- Operating margin increased 120 basis points to 20.2%, and operating profit for the quarter increased 17% to $14.2 million.
- EBITDA increased 14% year-on-year to $18.9 million.
- EPS of $0.46 was in line with consensus.
- The company held $54.7 million in cash and cash equivalents as of December 31, 2021. Cash flow from operations for the quarter totaled $16 million.
- Outlook: Ituran Location sees growth in FY22 subscriber base from 140,000 to 160,000.
- Eyal Sheratzky, Co-CEO of Ituran, said: “Looking ahead, our well above average subscriber base growth throughout 2021 positions us exceptionally well to capitalize on our profitable growth in 2022. and beyond.
- Price Action: Shares of ITRN closed down 1.50% at $20.99 on Friday.
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