NEWS: ADT's fiscal fourth-quarter net income edged up 2 percent as the average revenue per customer increased.
NUMBERS: For the period ended Sept. 27, the electronic security and home monitoring company earned $96 million, or 45 cents per share. That compares with $94 million, or 40 cents per share, a year earlier.
Excluding certain items related to its separation from Tyco International Ltd., restructuring and merger costs, earnings were 46 cents per share. This met Wall Street's expectations.
Revenue for the Boca Raton, Fla. company rose 4 percent to $846 million from $812 million. Analysts surveyed by FactSet expected revenue of $843.8 million.
Recurring revenue, which made up the majority of total revenue, climbed 4.7 percent, helped by the acquisition of Devcon Security and a rise in the ending average revenue per customer.
ADT Corp. said Wednesday that its full-year earnings rose to $421 million, or $1.88 per share, from $394 million, or $1.67 per share, in the previous year. Adjusted earnings were $1.84 per share. Annual revenue increased 3 percent to $3.31 billion from $3.23 billion.
FUTURE: ADT expects fiscal 2014 revenue to climb 4 percent to 5 percent. Based on fiscal 2013's revenue of $3.31 billion, this implies approximately $3.45 billion to $3.48 billion.
Analysts predict $3.46 billion in revenue.
STOCK: The shares closed at $42.81 on Tuesday. They are down 8 percent for the year to date.