Another Tyco Victory Lap

The Tyco (TYC Quote) turnaround story continues apace.

Not long removed from a series of stock-crushing scandals, the big conglomerate once again cruised past Wall Street's expectations Tuesday with a stronger-than-expected third quarter. The company also pleased investors by boosting full-year financial guidance.

For its third quarter ended June 30, the Pembroke, Bermuda, company earned $923 million, or 43 cents a share. That's up from the year-ago $567 million, or 27 cents a share. Revenue surged to $10.5 billion from $9.4 billion a year earlier. The results were stronger than Wall Street expected: The Thomson First Call analyst consensus estimate had called for a 42-cent profit on sales of $10.33 billion. ...