UPDATE: Tyco Posts Decline In Q2 Profit

Tyco International

reported a drop in its second-quarter net income. Tyco's quarterly profit declined to 72 million, or $0.16 per share, from $323 million, or $0.69 per share, in the year-earlier period. Its adjusted earnings came in at $0.42 per share. Its revenue climbed 3% to $2.61 billion. However, analysts were projecting earnings of $0.39 per share on revenue of $2.59 billion. Tyco shares closed at $31.08 yesterday.