ADT posts higher profit as sales increase
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.
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