- Recurring revenue of $764 million, up 4.2%
- Net income of $113 million, up 10.8%
- EBITDA before special items of $433 million, up 5.1%
- GAAP diluted earnings per share of $0.52 and earnings per share before special items of $0.53
- ADT Pulse overall take rate at 27.8% in the quarter, up from 10.3% last year
- Signs definitive agreement to acquire Devcon Security for $148.5 million
|($ in millions, except per share amounts)|
EBITDA before special items 1
|EBITDA margin before special items 1||52.0%||50.6%||140 bps|
|Diluted earnings per share||$0.52||$0.43||20.9%|
|Diluted earnings per share before special items 1||$0.53||$0.44||20.5%|
The ADT Corporation (NYSE: ADT) today reported diluted earnings per share of $0.52 for the third quarter of 2013, and diluted earnings per share before special items of $0.53. Using the company’s cash tax rate, EPS before special items was $0.80 1.
Recurring revenue, which made up 92% of total revenue in the quarter, was up 4.2%. Recurring revenue growth was driven primarily by an increase in ending average revenue per customer, which rose to $40.08. Non-recurring revenue declined 14.8% as the company’s mix of newly installed systems continues to shift toward more ADT-owned systems, increasing deferred revenue and reducing current period installation revenue. Total revenue of $833 million increased 2.3% compared to the third quarter of 2012.
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