Tyco quarterly profit beats market estimates
(Reuters) - Tyco International Ltd (TYC.N), a fire safety and security systems maker, reported better-than-expected first-quarter results, helped by higher margins at its North America business and an increase in global products revenue.
Earnings from continuing operations rose to $159 million, or 34 cents per share, for the quarter ended December 28, from $98 million, or 21 cents per share, a year earlier.
Excluding items, the company posted a profit of 40 cents per share from continuing operations.
Sales rose 5 percent to $2.6 billion.
Analysts expected a profit of 39 cents per share on revenue of $2.57 billion, according to Thomson Reuters I/B/E/S.
Tyco, reporting its second quarterly results as a standalone company, said its board proposed a 7 percent increase in annual dividend.
Tyco International split its operations into three units in September. The North American home security arm, ADT (ADT.N), operates as a separate company, while its flow control unit was sold off to Pentair Ltd (PNR.N).
Operating margins at the company's fire detection and suppression systems business focused on North America rose more than 2 percentage points in the quarter.
Sales from the global products business, which makes fire protection, security and life safety products for institutional customers and governments, rose 16 percent to $534 million.
Shares of the company closed at 30.70 on Monday on the New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Maju Samuel and Roshni Menon)
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