ADT Corp. (ADT) Tops Q1 EPS by 2c

ADT Corp. (NYSE: ADT) reported Q1 EPS of $0.51, $0.02 better than the analyst estimate of $0.49. Revenue for the quarter came in at $887 million versus the consensus estimate of $883.05 million.

"The trends from the second half of last year continue and we are off to a strong start to the year, highlighted by double digit gross subscriber growth and attrition reaching its lowest levels since we became a public company over two years ago," said Naren Gursahaney, ADT's chief executive officer. "Solid execution by our team is driving better operational performance overall, leading to improved customer metrics, increases in EBITDA before special items, and strong bottom line results. Improved lead generation, higher self generated sales, and strong close rates all fueled gross add growth in both channels. We continued to invest in our business, positioning the Company to deliver profitable growth as well as enhancing our free cash flow profile for the future. Our investment in Pulse has led to Pulse take rates now climbing over 53% overall, driving higher revenue per user and delivering what we believe is a better customer experience. We further enhanced our senior team, appointing a new leader for our combined businesses in Canada and adding a new member to our board of directors from the technology sector. After three solid quarters of improving performance, I feel that we are demonstrating the power of the ADT brand and the unique assets we have, including a talented and energized team. I am excited about what our team can accomplish throughout the year ahead."

"We are also very encouraged about what we see in the monitored security and home automation landscape. At the Consumer Electronics Show this year, the connected home arena gained significant traction and ADT Pulse was well-represented being named by Time Magazine as one of the 'top 6 coolest smart home innovations' at the event. The conference showcased many firms offering new point solutions targeting opportunities in the other 80% of the market that hasn't been reached by either monitored security or automation. As a partner of choice, we believe that ADT is in the right place - at the right time - with the right platform, services and products to make homes both smart and safe," Gursahaney added.

For earnings history and earnings-related data on ADT Corp. (ADT) click here.

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