UPDATE: Tyco FQ3 Net Profit Drops 45%

Tyco International

reported a 45% drop in its fiscal third-quarter earnings. Tyco's quarterly profit fell to $135 million, or $0.28 per share, from $246 million, or $0.52 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations surged to $0.50 from $0.47 per share. Its revenue rose 0.9% to $2.68 billion. In April, Tyco projected adjusted earnings of $0.45 to $0.47 per share on revenue of $2.7 billion. Tyco's operating margin widened to 7.1% from 4.4%. Tyco shares closed at $35.15 yesterday.