(By Balachander) ADT Corp. (NYSE: ADT), provider of electronic security services,reported an increase in quarterly profit, helped by growth in recurring revenue.
Earnings per share (EPS) before special items increased 4.9 percent to 43 cents, in line with market expectations.
Net income grew 1.1 percent to $94 million for the quarter and 4.8 percent to $394 million for 2012.
Revenue rose 2.3 percent to $812 million, while consensus estimates $818.23 million for the fourth quarter.
Recurring revenue, which generated over 90 percent of total revenue in the quarter, grew 5.2 percent, driven by 4.4 percent growth in average revenue per customer, the company noted.
ADT said it added 284,000 new customers and closed the quarter with 6.4 million customer accounts, 1.1 percent higher than last year.
The company has authorized repurchase of $2.0 billion of its common stock. The program expires on November 27, 2015.
ADT also declared a quarterly dividend of $0.125 per share, payable December 18, 2012 to shareholders of record on December 10, 2012.
Looking ahead for the fiscal year 2013, the Boca Raton, Florida-based company expects recurring revenue growth of 4.9 percent to 5.2 percent from $2.9 billion in 2012.
Last month, ADT made its debut as an independent public company after completing its spinoff from Tyco International Ltd.
ADT shares ended Monday's regular trading session at $43.10. The stock has been trading in the 52-week range between $34.68 and $44.97.