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NEW YORK (TheStreet) -- Tyco International (TYC)  posted its 2016 first quarter results this morning which showed both profit and revenue in line with Wall Street's forecasts. 

The Ireland-based company earned 45 cents a share on revenue of $2.33 billion, which was what analysts were looking for. 

For the current quarter ending in July, the fire protection and security company anticipates profit to be between 52 cents to 54 cents a share. For the full year, earnings are projected to be between $2.05 to $2.10 a share.

Along with these results, Tyco confirmed that its $14-billion proposed merger with Johnson Controls (JCI) is on track and expected to close on October 1. 

"Our integration teams are making great strides, and I am more excited and confident than ever about the value creation potential of the merger for customers, shareholders and employees," Tyco CEO George R. Oliver said.

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The combined company would be a new giant provider of commercial-building systems, reflecting the growing move by some executives and shareholders toward companies that are larger, but more focused, according to the Wall Street Journal.

Shares closed Thursday's trading session down 0.81% to $39.40 and are unchanged in pre-market trading on Friday. 

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Tyco stock.

The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and largely solid financial position with reasonable debt levels by most measures.

The team believes its strengths outweigh the fact that the company has had sub par growth in net income.

Recently, 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 article's author.