NEW YORK — Tyco Int’l Ltd., which as of late has been at the center of takeover speculation, beat Wall Street earnings forecasts today amid sharply higher operating profits at its core security division.
Tyco’s security solutions business, which includes ADT Security services, posted a 3.5-percent higher profit but grew 25-percent excluding acquisition costs, while the fire protection business posted 24-percent earnings growth. Tyco’s acquisition of Broadview Security, formerly Brink’s Home Security, last year added 1.3 million customers to the ADT business.
For the period ended March 25, Tyco reported a profit of $315 million, or 66 cents a share, up from $310 million, or 65 cents a share, a year earlier. Excluding the impact of Tyco’s divested electrical and metal products business and other items, adjusted earnings from continuing operations were 73 cents, up from 58 cents.
Sales slipped 2 percent to $3.99 billion, matching forecasts.
People reported to be familiar with the matter on April 11 said Schneider Electric had held early discussions about buying the company, which lifted Tyco shares to nearly three-year highs. Schneider’s CEO later ruled out a deal that size, and Tyco shares retreated.
Tyco shares closed Wednesday at $49.17, valuing the company at about $23 billion.
