ADT Corp. Q3 Profit Rises - Quick Facts

(RTTNews) - ADT Corp. (ADT) reported that its third-quarter net income increased to $113 million or $0.52 per share, from $102 million or $0.43 per share in the same quarter last year.

Net Income before special items climbed to $116 million from the prior year's $105 million with earnings before special items increasing to $0.53 per share from $0.44 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Earnings per share before special items at cash tax rates was $0.80 up from $0.72 last year.

Revenues for the quarter improved to $833 million from $814 million in the prior year quarter. Six analysts had consensus revenue estimate of $830.22 million for the quarter.

Recurring revenue, which made up 92% of total revenue in the quarter, was up 4.2%. Recurring revenue growth was driven primarily by an increase in ending average revenue per customer, which rose to $40.08. Non-recurring revenue declined 14.8% as the company's mix of newly installed systems continues to shift toward more ADT-owned systems, increasing deferred revenue and reducing current period installation revenue.

For fiscal 2013, the company now expects recurring revenue growth of 4.5 percent to 4.8 percent. Earlier, the company had expected recurring revenue growth of 4.9 percent to 5.2 percent for the year.