NEW YORK (TheStreet) -- Shares of Tyco Int'l (TYC) are rising 0.57% to $45.67 in afternoon trading today after the security systems company posted better-than-expected third quarter results before Friday's opening bell.
Tyco reported earnings of 54 cents per share, surpassing analysts estimates by a penny. Revenue increased 2% year-over-year to $2.45 billion, beating analysts projected $2.44 billion.
For the 2015 second quarter, the company posted earnings of 59 cents per share on revenue of $2.49 billion.
The company said it still expects to close its $14 billion merger with Johnson Controls (JCI) on September 2, pending shareholder approval. The merger was previously planned for September 30.
"We are now in position to close the merger a month ahead of schedule and hit the ground running," said Tyco CEO George R. Oliver in a statement. "As a result of the integration planning work, we are confident that we will be able to realize $1 billion of savings to previously announced merger synergies and productivity initiatives."
Special meetings for shareholders of Tyco and Johnson Controls are scheduled for August 17.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate TYCO INTERNATIONAL PLC as a Buy with a ratings score of B. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: TYC