Tyco International reported its earnings for the fiscal first-quarter dropped by 54 percent from last year, although it included its electronics and healthcare businesses, which they divested of later on.
Even with the big drop, Tyco (NYSE:TYC) exceeded expectations by a large amount, as for the quarter ending December 28, they earned $363 million, or 73 cents a share. Last year in the same quarter, they more than doubled that, bringing in $793 million, or $1.57 a share.
Analysts were looking for profit of 57 cents a share, on $4.86 billion in revenue. According to Tyco, much of the results are from cutting costs, their ADT global businesses, and flow control.
Guidance from Tyco is it expects earnings in 2008 to be somewhere in the range of $2.60 to $2.70 a share, not including the charges for spinning off the electronic and health care divisions.
Tyco earnings call earlier today.
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
Comment Preview