ITRN - Ituran Location stock +4% on Q3 earnings topper driven by sequential growth in subscriber base

Ituran Location and Control (ITRN) is up 3.65% after beating consensus on both lines in Q3 report.Revenue of $60.33M (-12.6% Y/Y) beats by $1.23M; it includes 74% revenue from location-based service subscription fees: $44.48M (-12% Y/Y), and remaining 26% from product revenues: $15.85M (-15% Y/Y).The subscriber base amounted to 1,752,000 as of September 30, 2020, representing a net increase of 1,000 subscribers quarter-over-quarter. The aftermarket subscriber base increased 13,000 while OEM subscriber base declined 12,000 during the quarter.Gross Margin: Subscription 54.9% vs. 55.4%; Products 18.6% vs. 21.5% a year ago.EBITDA declined 14% Y/Y to $15M; in local currency the decline was 3% Y/Y.Net income was $9.3M or $0.45/share, beats consensus by $0.18. The company ended the quarter with $61.9M in cash, including marketable securities."Looking ahead, while the pandemic continues to have an impact, and the associated uncertainties are making it difficult to make predictions, we expect that the results of the fourth quarter will be similar

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Ituran Location stock +4% on Q3 earnings topper driven by sequential growth in subscriber base