ADT Inc. (NYSE: ADT), a leading provider of security and smart home solutions, reported impressive third-quarter 2024 results, with the stock soaring nearly 18% in intraday trading on the back of strong financial performance and an improved full-year outlook.

The company's total revenue for the quarter rose 5% year-over-year to $1.24 billion, beating analysts' expectations of $1.22 billion. This growth was primarily driven by a 2% increase in recurring monthly revenue (RMR) from monitoring and related services to $359 million, reflecting higher average prices and solid customer retention. RMR, a key metric for ADT, reached a record-high balance of $4.3 billion on an annualized basis.

ADT's net income from continuing operations for the quarter was $132 million, or $0.14 per diluted share, up from $123 million in the same period a year ago. Adjusted income from continuing operations, which excludes certain non-recurring items, rose 27% to $183 million, or $0.20 per diluted share, surpassing analysts' consensus estimate of $0.17.

The company's adjusted EBITDA from continuing operations increased 6% to $659 million, driven by the growth in monitoring and related services revenue, as well as cost efficiencies. ADT's adjusted EBITDA margin remained robust at 53%, reflecting its strong operating profitability.