Jan 30 Home security services company ADT Corp reported a higher quarterly profit on Wednesday and announced a $600 million accelerated share repurchase.
The company, formerly a part of Tyco, said net earnings had risen 12.9 percent to $105 million, or 44 cents per share, from $93 million, or 39 cents per share, a year earlier.
Analysts on average were expecting a profit of 43 cents per share, according to Thomson Reuters I/B/E/S.
Sales rose 1.8 percent to $809 million, with recurring revenue from existing customers accounting for 92 percent of the total and increasing 5.1 percent from a year earlier.
The Boca Raton, Florida-based company, which provides security monitoring services to homes and small businesses in North America, said it still expected a rise of 4.9 percent to 5.2 percent in recurring revenue in fiscal 2013.