Tyco 2Q Earnings Exceeds Wall Street Expectations

Reporting an increase of 1 percent in revenue for its second quarter, Tyco Int’l’s adjusted earnings and revenue results outdid Wall Street’s expectations.

Revenue increased to $4.17 billion from $4.15 billion, as a result from Tyco’s ADT Worldwide unit and a small improvement in its electrical and metal products division, reports the Associated Press.

Wall Street analysts predicted the company would have a profit of 55 cents per share on revenue of $4.14 billion.

Furthermore, Tyco earned $310 million, or 65 cents per share for the period ended March 26. Last year, the company had a loss of $2.57 billion, or $5.42 per share during the same period.

The company credited results to a continued strength in its recurring revenue in service operations.

“We continue to see the benefits of our cost-management and restructuring actions and order activity is improving in a number of our businesses which increases our confidence about the second half of our fiscal year,” Tyco Chairman and CEO Ed Breen said in a statement.

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