Ituran Location and Control Ltd. Announces Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Corporate Tax Rate Guidance for the Year 2018
August 30, 2018 at 06:30 am EDT
Share
Ituran Location and Control Ltd. announced consolidated financial results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenues of USD 57,716,000 against USD 57,393,000 a year ago. Excluding the exchange rate impact in local currency terms compared with those of the second quarter of 2017, the increase in revenues would have been 7%. Operating income was USD 14,790,000 against USD 14,172,000 a year ago. Excluding the impact of the change in exchange rate over the period, the operating profit would have increased by 15% over the second quarter of 2017. Income before income tax was USD 15,082,000 against USD 14,524,000 a year ago. Net income attributable to the company was USD 12,013,000 or USD 0.57 per basic and diluted share against USD 10,453,000 or USD 0.50 per basic and diluted share a year ago. Excluding the impact of the change in exchange rate, the net profits would have increased 25% over the second quarter of last year. Net cash provided by operating activities was USD 12,362,000 against USD 14,137,000 a year ago. Capital expenditures were USD 3,364,000 against USD 3,993,000 a year ago. EBITDA was USD 17.8 million, an increase of 2% compared to an EBITDA of USD 17.4 million in the second quarter of 2017. Excluding the impact of this change in exchange rates over the period, the EBITDA would have increased by 12%.
For the six months, the company reported total revenues of USD 120,794,000 against USD 113,447,000 a year ago. Operating income was USD 30,331,000 against USD 27,969,000 a year ago. Income before income tax was USD 30,899,000 against USD 28,810,000 a year ago. Net income attributable to the company was USD 23,294,000 or USD 1.11 per basic and diluted share against USD 23,440,000 or USD 1.12 per basic and diluted share a year ago. Net cash provided by operating activities was USD 19,898,000 against USD 17,726,000 a year ago. Capital expenditures were USD 9,982,000 against USD 6,749,000 a year ago.
For the year 2018, the company expects corporate tax rate to be 30%.
Ituran Location and Control Ltd. is a provider of location-based services, consisting of stolen vehicle recovery (SVR), fleet management services and other tracking services. The Company also provides wireless communication products used in connection with its location-based services and various other applications. Its operations consist of two segments: location-based services and wireless communications products. Its location-based services segment consists of its SVR and tracking services, fleet management and value-added services consisted of personal locater services and concierge services. Its wireless communications products segment consists of short and medium range two-way machine-to-machine wireless communications products that are used for various applications, including automatic vehicle location (AVL) and automatic vehicle identification. It primarily provides its services, as well as sells and leases its products in Israel, Brazil, Argentina and the United States.
Ituran Location and Control Ltd. Announces Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Corporate Tax Rate Guidance for the Year 2018
ITURAN LOCATION AND CONTROL LTD. 
