Diluted earnings per share were 34 cents and includes a non-cash tax charge of $13 million related to Tyco's pending settlement with the IRS of a pre-separation tax liability.
Excluding this and other special items, diluted earnings per share was 49 cents.
This compares to diluted earnings per share excluding special items of 41 centas in the second quarter of 2013. Using the Company's cash tax rate, diluted earnings per share before special items was 69 cents.
Total revenue was $837 million, an increase of 1.9% compared to the second quarter of 2013. Recurring revenue, which made up 92% of total revenue in the quarter, was $773 million, up 2.2% compared to the same period last year and up 2.8% in constant currency.
EBITDA before special items increased by $22 million to $431 million, 5.4% higher than the prior year and EBITDA margin before special items was 51.5%, a 170 basis point improvement.
TheStreet Ratings team rates ADT CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ADT CORP (ADT) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, weak operating cash flow and generally disappointing historical performance in the stock itself."