ITRN - Ituran Location and Control pops on sequential growth in Q1 subscribers earnings beat

Ituran Location and Control ([[ITRN]] +4.8%) gains after reporting sequential growth in revenue and subscribers in its first-quarter earnings result.Revenue of $67.37M (-1.5% Y/Y) beats consensus by $2.73M. Sequentially, the revenue reflects an improvement of 6%.By segment: Revenues from subscription fees, which comprised of 68% of total revenue, was $45.6M (-7% Y/Y); and Product revenue, which comprised of 32% of total revenue, was $21.7M (+12% Y/Y).The subscriber base amounted to 1,788,000 as at the quarter end, reflecting the sequential increase of 20,000 subscribers (increase of 25,000 aftermarket subscriber base and  a decline of 5,000 in the OEM subscribers).Gross profit was $30.4M, down 2% from 1Q20. Gross margin was 45.1%: Subscription, 54.5%; and Products, 25.4%.EBITDA was $17.1M (+12% Y/Y).The company ended the quarter with $70.1M in cash and marketable securities, and $41.8M in debt.GAAP EPS of $0.40 beats by $0.05."Our results demonstrate that Ituran is emerging from this period as a stronger company, with a

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Ituran Location and Control pops on sequential growth in Q1 subscribers, earnings beat