ADT / Tyco Security Q2 2011 Financial Results

Published Aug 08, 2011 00:00 AM
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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.