Ituran Location and Control (NASDAQ:ITRN) reports 1Q17 Profit Surge

Ituran Location and Control (NASDAQ:ITRN) reports 1Q17 Profit Surge

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Ituran Location and Control (NASDAQ:ITRN)  reported net income for the first quarter of $ 12.99 million or  $ 0.62 per share, compared to income  of $ 7.10 million or $ 0.34 per share for the year-ago quarter.

The topline results for the first quarter rose 21% to $ 57.11 million from $ 47.20 million in the same quarter last year.

Eyal Sheratzky, Co-CEO, commented: Our first quarter 2017 results represent an excellent start to 2017 with very strong revenue growth, driven primarily by the solid growth in our subscriber base, which has returned to the higher-end of our typical range. Our end-markets in Israel and Brazil continue to demonstrate strength through ongoing demand and interest in our products and solutions.