UPDATE: Tyco FQ3 Net Profit Drops 45%
Tyco International (NYSE: TYC) 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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.