Tyco Tops Estimate by Four Cents
Tyco (TYC - Get Report) said it earned 65 cents a share in its second quarter ended March 31 excluding certain items, up 30% from the year-ago's 50 cents a share. Analysts had expected the company would earn 61 cents a share, according to Thomson Financial/First Call.
Sales rose 26% to $8.9 billion from $7.07 billion a year earlier.
"We remain comfortable with the outlook for Tyco for the remainder of fiscal 2001," Dennis Kozlowski, Tyco's chairman and CEO, said in a statement. "Growth in our economically resilient recurring revenue base remains brisk at our security, fire and earth tech businesses. Our healthcare operations continue to grow through favorable demographics, geographical expansion, and new product introductions. ... While the electronics segment will continue to be impacted by weakness in certain of its end-markets, we believe that the diversity of our offerings in this area leaves us better prepared to weather the current environment and we see continued opportunities to improve manufacturing efficiencies."
Analysts expect the company will earn $2.76 a share in the year ending in September.
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