Tyco Q4 Earnings Meet Analyst Estimates, Revenues Lag
Revenue of $827 million decreased 18% compared to the prior year, driven by a 13% unfavorable impact from foreign currency exchange rates.
Tyco reported Q4 net income from continuing operations came in at $82 million against a loss of $75 million in the year-ago quarter.
CORK, Ireland – Tyco Int’l (NASDAQ: TYC) on Friday reported fiscal fourth-quarter net income of $66 million, after reporting a loss in the same period a year earlier.
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On a per-share basis, the company said it had net income of 15 cents. Earnings, adjusted for restructuring costs and to extinguish debt, came to 61 cents per share.
The results matched Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 61 cents per share.
The fire protection and security company posted revenue of $2.51 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.54 billion.
For the year, the company reported profit of $551 million, or $1.29 per share. Revenue was reported as $9.9 billion.
Tyco expects full-year earnings to be $2.05 to $2.20 per share.
Tyco shares have declined 17% since the beginning of the year, while the Standard & Poor’s 500 index has declined nearly 1%. The stock has decreased 16% in the last 12 months.
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