Tyco Affirms Guidance - TheStreet

Tyco International


Wednesday affirmed its forecast for fiscal first quarter and full-year 2004 earnings.

The Bermuda-based conglomerate held to its forecast of 30 cents to 32 cents a share in the current quarter, which bookends analysts' consensus estimate of 31 cents a share. For the full year (its fiscal year ends in September), Tyco expects to make $1.42 to $1.52 a share, excluding "any impact from previously announced restructuring and divestiture programs." The Thomson First Call consensus estimate is for $1.49 a share.

The company said it will also brief analysts on the outlook and performance of its electronics unit, which had sales of $10.4 billion in 2003. Tyco said the business is "well-positioned to achieve sustained growth and improved profitability over the long-term."

Tyco is under new management, following charges of massive fraud by former CEO Dennis Kozlowski and Chief Financial Officer Mark Swartz, who are now on trial in New York.