Tyco Q4 Profit Meets Expectations

reported in-line earnings for its fiscal fourth quarter on Friday. The Rheinfall, Switzerland-based company reported quarterly net income of $66 million, or $0.15 per share, versus a year-ago loss of $89 million, or $0.20 per share. Excluding items, the company's adjusted earnings came in at $0.61 per share. Its revenue slipped 7 percent to $2.51 billion. However, analysts were expecting a profit of $0.61 per share on revenue of $2.55 billion. "We delivered solid operational results this year with strong performance in the fourth quarter, exhibiting effective execution on our productivity initiatives and cost actions amid a challenging macroeconomic environment," said Tyco Chief Executive Officer George R. Oliver. "The quarter's margin expansion reflects our progress with our transformation to an operating company. Despite slower growth in the industrial and energy-related end markets, we continue to see pockets of strength across the globe, led by U.S. non-residential construction markets. We anticipate these market conditions to continue in fiscal 2016. Tyco projects full-year earnings of $2.05 to $2.20 per share, versus analysts' estimates of $2.24 per share. Tyco expects Q1 earnings of $0.40 per share, versus analysts' expectations of $0.48 per share. Tyco shares fell 2.25 percent to close at $36.50 yesterday.