Shares of Ituran Location and Control Ltd (NASDAQ: ITRN) surged 6.22% in pre-market trading on Wednesday, driven by the company's better-than-expected fourth quarter results and an increase in its quarterly dividend payout.
The Israel-based telematics services provider announced that its board of directors has approved a 25% hike in the quarterly dividend to $0.50 per share, or approximately $10 million in total. The increased dividend of $2 per share annually represents a yield of around 5% based on Tuesday's closing price.
For the fourth quarter of 2024, Ituran reported a 7% year-over-year increase in revenue to $82.9 million, beating analyst estimates. Net income rose 15% to $13.8 million, or $0.70 per diluted share, also exceeding expectations. Subscription revenue grew 4% while product revenue was up 16%. The company ended the year with over 2.4 million subscribers, adding 157,000 net new subscribers in 2024. Looking ahead, Ituran expects to accelerate subscriber growth to 180,000-200,000 net additions in 2025.
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