This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Ituran Earnings Surge, Beating Estimates

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On May 18, 2009, Ituran Location & Control (ITRN - Get Report) reported that its Q1 FY09 earnings grew 549.1%, reflecting a financial gain due to the stronger US dollar against the Israeli Shekel. Net income for the quarter surged to $5.60 million or $0.27 per share from $862,000 or $0.04 per share in Q1 FY08. A financial gain of $4.15 million was recorded due to a 10.0% appreciation of the dollar against the Israeli Shekel. The latest quarterly earnings beat the most recent consensus estimate of $0.19 per share.

Revenue declined 17.0% to $27.25 million from $32.81 million a year ago, mainly due to a slump in the revenue of wireless communications products and the appreciation of the dollar against the Brazilian and Argentinean currencies. Revenue from location-based services edged up 1.5% to $20.13 million from $19.83 million in prior year's quarter, while revenue from wireless communications products' revenue declined 45.2% to $7.12 million from $12.99 million a year ago. Furthermore, Ituran's net subscriber base for the quarter increased by 10, 000 to 521,000.

Cost of revenue decreased 21.1% to $13.94 million from $17.67 million, thereby improving the gross profit margin by 269 basis points to 48.83% as compared to 46.14% in the same quarter a year ago. Meanwhile, research and development expenses decreased 15.1% to $90,000 from $106,000, and selling and marketing expenses slumped 35.5% to $1.70 million from $2.64 million. However, general and administrative expenses escalated 7.1% to $6.51 million. Additionally, net cash flow provided by operating activities surged 328.7% to $7.69 million from $1.79 million in the prior year's quarter.

Looking ahead, the company expects to grow its subscriber base through 2009.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ITRN $23.04 0.00%
AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs