Tyco Reports Q2 Revenue Up 8.4% YoY PDF Print E-mail
Thursday, 01 May 2008 07:25
PEMBROKE, BERMUDATyco International Ltd. reported second-quarter 2008 revenue of $4.86 billion, up 8.4% year-over-year, topping company estimates.

The Bermuda-based manufacturer said net income fell to $280 million, down 66% compared to a year earlier, as a result of discontinued operations.

Income from continuing operations for the quarter was $273 million, up 66% compared to the second quarter of 2007.
 
Tyco said its ‘organic’ revenue growth was 3.6%, below the company’s February prediction of 4% to 5%.
 
"Our second quarter operating performance was well ahead of last year with improved operating margins in each of our businesses. Based on our first half performance and our outlook for the remainder of the year, we have increased our full-year earnings guidance," said Tyco chairman and CEO Ed Breen. "We continue to make progress on our portfolio refinement efforts, announcing an acquisition in our security business and the divestiture of businesses that no longer meet our strategic direction."
 
The company announced its plan to acquire FirstService Security for approximately $187 million. Tyco also announced agreements to divest its Infrastructure Services businesses for approximately $805 million, its Nippon Dry-Chemical unit for $56 million, a transaction that closed on Feb. 29, and its Ancon Building Products business for approximately $174 million, which closed on April 30.
Last Updated on Thursday, 01 May 2008 07:38
 

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