Ituran Location and Control Ltd. (NASDAQ:ITRN) Q3 2024 Earnings Conference Call November 21, 2024 10:00 AM ET

Company Participants

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

Conference Call Participants

Sergey Glinyanov - Freedom Capital
Allen Klee - Maxim Group
Josh Strauss - Pekin Hardy

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Ituran Third Quarter of 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, www.ituran.co.il.

I will now hand the call over 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 third quarter 2024 results. I would like to thank Ituran's management for hosting this call.

With me 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 statement in today's press release also covers the content of this conference call.

And now, Eyal, would you like to begin, please?

Eyal Sheratzky

Thank you, Kenny. I'd like to welcome all of you to our third quarter 2024 call, and thank you for joining us today.

We are pleased with our third quarter results, presenting steady growth in revenue and profit across the geographies in which we operate. We are also happy to report a high level of 40,000 net subscribers add in the quarter, which came in at the top-end of our expectations. The results were achieved despite the negative impact of the US dollar strength in the quarter, which lowered our local currency denominated results when presented in US dollars. In fact, in local currency term, our growth in most of the geographies in which we operate was even higher.