TYCO’S TAKE SURPASSES $7 BILLION IN 2nd QUARTER; COMPANY REPORTS 47% RISE IN EARNINGS PER SHARE
Tyco Intl. Inc. reports that, for the second quarter ended March 31, diluted earnings per share before nonrecurring charges and credits and extraordinary items were 50 cents per share, a 47-percent increase over 34 cents for the same quarter in 1998. Net income rose to $853.6 million, an increase of 50 percent compared to $567.8 million in 1998. Sales for the three-month time frame rose 35 percent to $7.07 billion compared to $5.24 billion. The results for 1999 have been restated to reflect the merger with AMP, which occurred on April 2, 1999 and was accounted for as a pooling of interests.
“Each of our four businesses had strong organic growth and generated positive free cash flow in the second quarter,” says L. Dennis Kozlowski, chairman and CEO of Tyco. “Our core businesses are well positioned to continue that trend for the remainder of the year.” Tyco’s security services segment, which includes ADT Security Services Inc., achieved a 12-percent increase in sales as compared to the same quarter in 1998.
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