ADT / Tyco Security Q2 2011 Financial ResultsBy John Honovich, Published on Aug 07, 2011
In this note, we examine ADT / Tyco Security financial results for the calendar quarter Q2 2011. Overall, growth was up but only modestly.
Let's review the key data points from the Quarterly Review deck:
- North American Commercial: 4% organic growth
- EMEA: 'modest', likely less than 3% top line growth
- Asia: 8% organic growth
- Security Products: 6% organic growth
To put these results in context, it is important to compare them to the previous 2 years performance. In 2009, revenue was falling between 9-21% in key ADT/Tyco security divisions. In 2010, with a recovering economy, revenue bounced back with electronic security product sales increasing 15%.
Given that these numbers are for all of security (not just faster growing IP surveillance), these are likely fairly solid.