Tyco International(TYC Quote) shares fell as much as 5.5% Thursday, after the company beat expectations and boosted its full-year guidance, but posted a dip in profit due to discontinued operations.
The diversified manufacturer of security, safety and other industrial products posted a net profit of 56 cents a diluted share from continuing operations vs. 33 cents a diluted share from continuing operations in the year-ago period. Excluding special items, the company earned 67 cents a diluted share, easily beating the consensus estimate of 57 cents a share, according to Thomson Financial.
But the company's net profit slipped to $280 million from $835 million, after it split into three companies last year. Tyco Electronics(TTY Quote), one of those companies, saw shares rise Thursday on an earnings beat. The other, Covidian(COV Quote), reports results May 6. ...
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