Ituran Location and Control Ltd. (NASDAQ:ITRN) Q1 2024 Earnings Conference Call May 28, 2024 10:00 AM ET

Company Participants

Kenny Green - Investor Relations, EK Global
Eyal Sheratzky - Chief Executive Officer
Eli Kamer - Chief Financial Officer

Conference Call Participants

Chris Reimer - Barclays
Boris Schneider - More Mutual Funds

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Ituran's First Quarter 2024 Results Conference Call. All participants are at present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

You should have all received by now the company's press release. If you have not received it, please contact Ituran's Investor Relations team at EK Global Investor Relations at 1-212-378-8040 or view it in the news section of the company's website at www.ituran.co.il.

I would now hand over the call to Mr. Kenny Green of EK Global Investor Relations. Mr. Green, would you like to begin?

Kenny Green

Thank you, operator. Good day to all of you and welcome to Ituran's conference call to discuss the first quarter 2024 results. I would like to thank Ituran's management for hosting this conference call. With me on the line today are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and VP Finance; and Mr. Eli Kamer, CFO of Ituran.

Eyal will begin with a summary of the quarter's results followed by Eli with a summary of the financials. We will then open the call for the question-and-answer session. I would like to remind everyone that the Safe Harbor statements in today's press release also cover the content of this conference call.

And now, Eyal, please begin.

Eyal Sheratzky

Thank you, Kenny. I'd like to welcome all of you to our first quarter 2024 call and I would like to thank you for joining us today. We are pleased with our results, especially in the ongoing growth in revenues and continued improvement in profits as well as the additional net subscribers we brought in the quarter, which came in at the high end of our expectations.

As our strong financial results demonstrate, our business remains in good shape and continue to be resilient against challenges. I also want to highlight that part of our resilience is due to Ituran being a globally diverse business with a loyal subscriber base of 2.3 million customers in Israel, Brazil and other countries in Latin America and around the world.