Tyco Sees 63% Jump in Earnings
PEMBROKE, Bermuda
Tyco Int’l Ltd., parent company of ADT, says it’s enjoyed a
63-percent jump in earnings in its 2004 third quarter
compared to 2003. Tyco earned net income of $923 million in
the quarter ended June 30, with its fire and security
businesses seeing a 48-percent increase in operating
income.
“Our results in the third quarter demonstrate Tyco’s
continued operational progress,” Tyco Chairman and CEO Ed
Breen said in a statement.
In its Fire & Security segment, revenue increased $123
million, or 4 percent, to $2.9 billion. Growth at Worldwide
Security and Tyco Safety Products was offset by weakness in
the Worldwide Fire Services business. Tyco Safety Products
had strong revenue growth led by increased demand for
breathing systems, video surveillance, and access control
equipment. Worldwide Security continued to benefit from
stronger sales to retailers. Operating income increased $90
million from 2003 to $278.3 million.
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