UPDATE: ADT Posts Upbeat FQ3 Results, Shares Jump
Shares of The ADT (NYSE: ADT) jumped more than 7.7% in pre-market trading after the company reported stronger-than-expected results for the fiscal third quarter.
The Boca Raton, Florida-based company posted a quarterly profit of $82 million, or $0.47 per share, versus a year-ago profit of $113 million, or $0.52 per share. Excluding non-recurring items, ADT's earnings were $0.55 per share, beating analysts' estimates of $0.47 per share.
Its sales climbed 1.9% to $849 million, versus estimates of $847.5 million. Its average revenue per customer gained 3.9%. Recurring revenue jumped 2.7% to $785 million.
ADT's EBITDA before special items rose by $19 million to $452 million in the quarter.
"Our results in the quarter reflect the progress we are making against the initiatives we identified at the beginning of the year and provide a glimpse of where we are driving the business in the future," said Naren Gursahaney, ADT's chief executive officer.
ADT shares climbed 7.76% to $35.56 in pre-market trading.
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