Ituran reports Q1 EPS 73c vs. 66c last year

Reports Q1 revenue $86.46M vs. $85.03M last year. The company added a record 99,000 net subscribers in the quarter. Eyal Sheratzky, co-CEO of Ituran (ITRN) said, “We are very pleased with our strong start to 2025, marked by continued revenue and profit growth. Significantly, Ituran reached a major milestone in the quarter, crossing 2.5 million subscribers, ahead of plan. During the quarter, the higher than typical subscriber growth was due to an additional contribution from a new telematics service agreement signed with Stellantis. Stellantis is the largest car manufacturer in Latin America, which includes car brands Fiat, Jeep, Peugeot and many others. As an initial part of our agreement, in March, Stellantis switched its SVR subscriber base to Ituran and Ituran began providing services to their subscribers. As such, we increase our expectations for 2025 subscriber growth to between 220,000 and 240,000 net new subscribers.”