Tyco Earnings: Tops Wall Street Expectations Despite Declines

Tyco International Ltd. (NYSE:TYC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.29%.

Tyco International Ltd. Earnings Cheat Sheet

Results: Net income decreased -51.05% to $163 million (40 cents per diluted share) in the quarter versus a net gain of $333 million in the year-earlier quarter.

Revenue: Decreased 38.21% to $2.6 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Tyco International Ltd. reported adjusted net income of 40 cents per share. By that measure, the company beat the mean analyst estimate of $0.39. It beat the average revenue estimate of $2.57 billion.

Quoting Management: Tyco CEO George Oliver said, “We’re off to a great start as the new Tyco, integrating our fire and security businesses and executing on our growth strategy. We had another very good quarter, with a 5% increase in revenue, driven partly by our acquisition strategy, and an 11% increase in earnings per share before special items on a normalized basis…