Hit by competition for security systems, ADT shares plunge

Company's profits fall below analysts' estimates

Jan. 30--Shares of ADT Corp. and BE Aerospace fell today after the companies reported disappointing earnings.

Security firm ADT (NYSE: ADT) plunged as much as 22 percent Thursday morning after it reported profits of 43 cents a share for its quarter ended Dec. 27, below analysts' estimates of 49 cents a share. The Boca Raton-based company blamed competition and price-cutting by its rivals.

"Customer growth did not meet our expectations this quarter," Chief Executive Naren Gursahaney said.

ADT shares were down 17 percent as of 12:55 p.m.

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