Tyco Int’l Reports Quarterly Results
Tyco Int’l announces an 85-percent fall in its fiscal fourth-quarter earnings. The company says its profit loss was due to recent reconstruction, separation costs of its spin-off health care and electronics units, and a higher tax rate.
Net income dropped to $181 million, or 36 cents per share, from $1.25 billion a year ago. Earnings from continuing operations excluding restructuring costs and other one-time items totaled $285 million, up 20 percent from $238 million in the prior-year period. Revenue rose 9 percent to $5.03 billion.
In late June, Tyco’s health care and electronics units began trading separately as Covidien and Tyco Electronics, respectively.
“Our results for the fourth quarter and the full year reflect good revenue growth, improved operating performance and strong cash flow,” says Chairman and CEO Ed Breen. “We had a good finish to the year and made progress on a number of key initiatives that we expect to drive solid earnings growth in 2008.”
Tyco sustained a loss of $1.74 billion during the fiscal year that ended in September. Yearly earnings from continuing operations excluding restructuring costs and other one-time items totaled $964 million, up 17 percent for the prior year. Annual revenue rose 8 percent to $18.78 billion.
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