Ituran reports Q3 EPS 69c, consensus 66c

Reports Q3 revenue $83.48M, consensus $85.44M. Number of subscribers reached 2,369,000, adding a net 40,000 in the third quarter. Eyal Sheratzky, Co-CEO of Ituran (ITRN) said, “In the third quarter, we presented another solid quarter of results and financial performance and showed growth in the subscriber base at the top end of our expected range. Ituran’s business remains fundamentally strong across all regions with growth in the financial metrics especially when measured in local currency terms, though the strengthening dollar against local currencies in the quarter prevented these growth rates from being reflected fully in our financial results. We continue to see strong demand for our broad location-based products and telematic services and traction from our new initiatives.”