Tyco International Reports First Quarter 2012 Earnings

2012-2-20 Cable Fittings News

Tyco International Ltd. (NYSE: TYC) has reported $0.71 in diluted earnings per share (EPS) from continuing operations for the fiscal first quarter of 2012 and diluted EPS from continuing operations before special items of $0.84 per share. Revenue in the quarter of $4.2 billion increased 4% versus the prior year excluding the Electrical & Metal Products business, which is now reported as an equity investment, and organic revenue also grew 4%.

Tyco Chairman and Chief Executive Officer Ed Breen said, "We delivered a strong quarter operationally with continued organic revenue growth supported by improving order activity. The year over year improvement in our operating margin reflects increased volume in our product businesses, a higher mix of service revenue and the benefits of our cost containment and restructuring actions. This helped us deliver another quarter of double digit increases in earnings per share."

"We are making good progress with our plan to separate Tyco into three standalone public companies and we remain on track to complete the proposed transaction by the end of our fiscal fourth quarter," Breen added.

Organic revenue, free cash flow and operating income, operating margin, income and diluted EPS from continuing operations before special items are non-GAAP financial measures and are described below. For a reconciliation of these non-GAAP measures, see the attached tables. Additional schedules as well as First Quarter Review slides can be found at www.tyco.com on the Investor Relations portion of Tyco's website.