Despite an anticipated decline in third quarter earnings, ADT stunned Wall Street this third quarter with a relatively impressive increase.
Wall Street anticipated a decline of 47 cents per share in the third quarter, but ADT managed to pull off the upset.With revenue rising nearly 2% over the third quarter, ADT grew their earnings per share by 4%, increasing them to 55 cents. The revenue came out to be $849 million over the last few months.
"Our results in the quarter reflect the progress we are making against the initiatives we identified at the beginning of the year," ADT CEO, Naren Gursahaney, said in a statement to the Wall Street Journal.
Other "security" companies did well on Wall Street this quarter as well.
Personal security companies also saw an increase. Taser, the stun gun maker, reported a revenue rise of 16%. However, Sturm Ruger hit a ten month low with a profit decline of 14%.
ADT entered a commercial relationship with Life360, a family networking and location-based service firm with more than 18 million North American users during the third quarter which may have helped revenue grow over the summer months.