Tyco International Tops Street, Stock Rises

Tyco International(TYC Quote) shares traded higher Thursday on first-quarter results that came in above expectations.

Including a huge charge for goodwill impairments and asset-value write-downs, Tyco's bottom line swung to a loss of $2.57 billion, or $5.42 a share, in the quarter. Without those items, the company said its net income was 55 cents a share, well ahead of analysts' estimates of 41 cents a share, according to a Thomson Reuters survey.

In the year-ago quarter, Tyco International was in the black at $280 million, or 57 cents a share.

The company, based in Switzerland, said a stronger dollar led to a year-over-year revenue decline in the first quarter of 16% to $4.15 billion. Without those currency effects, revenue fell 5.5% from a year ago, the company said.

Driving that top-line fall-off was weaker sales to North American commercial and retail outlets, the company said.

Shares of Tyco International traded recently at $23.65, up $1.08.