April 26 Tyco International Ltd, a fire
safety and security systems maker, reported an adjusted
quarterly profit ahead of Wall Street estimates as underlying
The company, which split into three businesses last year,
reported net income of $74 million, or 16 cents per share, for
the second quarter, down from $134 million, or 29 cents per
share, a year earlier.
However, excluding $124 million in one-time charges related
to a legacy environmental clean-up and the company's
restructuring, Tyco earned 42 cents per share, 3 cents ahead of
the average analyst estimate.
Of the total charge, almost half was related to an
environmental clean-up at a plant in Marinette, Wisconsin.
Tyco's shares, which have gained 6 percent so far this year,
were up 4 percent at $32.30 before the bell on Friday.
The company split its operations in September. The North
American residential security business is now a separate
company, ADT, while its flow control unit was sold to
Operating margins, excluding one-time items, rose 1.5
percentage points to 10.2 percent, the company reported Friday.
Revenue rose 3 percent to $2.61 billion in the quarter ended