TYCO REPORTS 24% IMPROVEMENT IN 1st-QUARTER EARNINGS
Tyco Intl. Ltd., a diversified manufacturing and service company, reports that diluted earnings per share for its first quarter ended Dec. 31 were 57 cents, a 24-percent increase over earnings of 46 cents per share in its first quarter of fiscal 2000. Net income before extraordinary items and cumulative effect of accounting change rose to $1.01 billion, an increase of 28 percent compared to $784.3 million last year. Sales for the quarter rose 21 percent to $8.02 billion, compared with last year’s $6.64 billion.
“Each of Tyco’s segments reported solid gains in revenue, operating profits and cash flow, even in the face of a turning economic environment. The strongest growth was recorded by Tyco Electronics, where double-digit organic growth was enhanced by the successful integration of the Thomas & Betts OEM division,” says L. Dennis Kozlowski, Tyco chairman and CEO. “Although we face an uncertain economic environment, we remain comfortable with Tyco’s outlook for the remainder of 2001.”
Increased sales at Tyco Fire and Security Services were due to continued strong demand for security products and services worldwide, particularly in the United States and Canada. Operating profits grew by almost 11 percent, a result of the continuing emphasis on the growth of recurring revenues. The company, which owns ADT Security Services Inc., recently completed the acquisition of Simplex Time Recorder.
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