ADT Inc. (NYSE: ADT), a leading provider of security and smart home solutions, announced its financial results for the third quarter of 2024, reporting strong performance driven by growth in its core recurring revenue streams.
The company's total revenue for the quarter was $1.24 billion, up 5% year-over-year, surpassing analysts' expectations. Monitoring and related services revenue, which accounts for the bulk of ADT's business, grew by 2% to $1.08 billion, primarily driven by an increase in average prices and strong customer retention.
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 to $183 million, or $0.20 per diluted share, beating analysts' consensus estimate of $0.17.
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