ADT Q2 profit rises
BOCA RATON, Fla.—ADT said Wednesday that its second-quarter net income rose 2 percent, an increase aided by additional customers for its ADT Pulse home automation system, according to an AP report
For the period that ended March 29, ADT earned $107 million, or 47 cents per share. A year earlier the company earned $105 million (44 cents per share).
On an adjusted basis, however, which excludes separation-related income, the company posted earnings per share of $0.41 for the quarter, which were below the estimates of eight analysts polled by Thomson Reuters who predicted earnings per share to be $0.43 for the quarter, according to a Nasdaq report.
Recurring revenue, which comprised the majority of total revenue, rose 5 percent, owing to an increase in the ending average revenue per customer, along with a small increase in ending customer accounts, the AP reported.
ADT said it added 303,000 new customers in the period and had 6.5 million customer accounts at quarter’s end. ADT expects fiscal 2013 recurring revenue to climb 4.9 percent to 5.2 percent, according to the report.