“Tyco International Ltd.’s TYC -1.70% fiscal first-quarter net profit sank 49% as the company faced a tough comparison with a year-earlier period buoyed by discontinued operations, but core earnings improved, and revenue climbed.
The industrial conglomerate spun off its North American security business in September to create ADT Corp. ADT -0.18% It also split off, then merged, its pipe-and-valve business with pump-filter manufacturer Pentair Inc. PNR -0.79% What remains of Tyco is focused on fire-suppression systems for commercial buildings and safety equipment.
On Tuesday, Tyco Chief Executive George Oliver said the new Tyco is “off to a great start,” adding that revenue growth was driven partly by its acquisition strategy. “I am especially pleased with the traction we are getting from our productivity and sourcing initiatives, and the positive impact we are seeing from our increased investments in research and development,” he said, calling the first-quarter results “a solid beginning to fiscal 2013.”
For the period ended Dec. 28, Tyco reported a profit of $163 million, or 34 cents a share, compared with $322 million, or 69 cents a share, a year earlier. Excluding one-time items, however, adjusted earnings from continuing operations rose to 40 cents a share from 26 cents.
Revenue rose 4.9% to $2.6 billion, including what Tyco said was a 3% benefit from acquisitions….”
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