TYSONS, Va. (AP) — Alarm.com Holdings Inc. (ALRM) on Tuesday reported first-quarter net income of $14.8 million.
On a per-share basis, the Tysons, Virginia-based company said it had profit of 29 cents. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The security service company posted revenue of $172.5 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $154.2 million.
Alarm.com expects full-year earnings in the range of $1.63 to $1.72 per share, with revenue in the range of $680.5 million to $691 million.
Alarm.com shares have declined 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $85.64, more than doubling in the last 12 months.
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