Tyco Beats Targets Despite Big Loss

Tyco Electronics(TEL Quote) reported a huge loss in its fiscal second quarter, mostly from goodwill-impairment write-downs as demand continued to collapse for many of its core products.

The Bermuda-based maker of industrial electronics components also offered a cautious third-quarter outlook, reducing guidance while warning about continuing decline in sales.

Tyco said it lost $3.8 billion, or $7.08 a share, as the company took charges equivalent to $7.22 share. Goodwill impairments alone amounted to $3.5 billion, or $6.60 on an EPS basis. ...