ADT posts higher profit as sales increase

Tue Nov 27, 2012 6:10am EST

Nov 27 (Reuters) - Home security services company ADT Corp reported a slightly higher quarterly profit on Tuesday and said its board had approved buying back up to $2 billion in stock over three years.

The company, formerly a part of Tyco, reported net earnings of $94 million, or 40 cents per share, for the fourth quarter ended on Sept. 28, up from $93 million, or 39 cents per share, a year earlier.

Sales rose 2 percent to $812 million, with recurring revenue from existing customers accounting for almost all of the total.