Summary
Tyco racks up 400% rise in profit
WEST WINDSOR - Industrial conglomerate Tyco International Ltd. increased its second-quarter profit by more than 400 percent due to lower one-time charges and overhead, higher revenues, and substantial increases in operating income in its four biggest segments. Its shares jumped nearly 4 percent on the news. The maker of health care, fire and security, electronics, and engineered products, best known for its ADT Security Services, on Tuesday reported net income of $782.4 million, or 37 cents per share. That was 429 percent higher than the net income of $124.3 million, or 6 cents per share, reported in the year-earlier quarter, which included a total of $473 million in one-time charges. Excluding one- time, pretax charges in the second-quarter totaling $119 million, or 4 cents per share after taxes, income would have been $869.4 million, or 41 cents per share. That beat by 5 cents the 36 cent- per-share forecast of analysts surveyed by Thomson First Call.See the full content of this document
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N.J. Briefs
- The Associated Press
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