Tyco International Q1 Profit Meets View, Revises Full Year EPS Outlook

(RTTNews) - Swiss security products maker Tyco International Ltd. (TYC) Friday said first-quarter net income attributable to ordinary shareholders fell to $162 million from $270 million reported last year. Earnings per share were $0.38, compared to $0.57 last year.

Income from continuing operations fell to $0.38 from $0.52. Adjusted earnings per share from continuing operations were $0.49, while it totaled $0.42 last year.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue was $2.479 billion, compared to $2.493 billion last year. Analysts expected revenues of $2.50 billion.

According to the company, revenue grew 2 percent on an organic basis, led by the Global Products segment with organic growth of 10 percent.

Looking ahead, the firm expects second-quarter earnings per share before special items of $0.48 - $0.50. Analysts expect earnings per share of $0.56 for the quarter.

Further, the company revised its guidance for full year 2015 earnings per share before special items to a range of $2.30 - $2.40, adjusting for incremental $0.09 headwind from foreign currency exchange rates, offset by $0.04 benefit from recent acquisitions and additional productivity. Wall Street looks for fiscal year earnings of $2.41 per share.

Tyco CEO George Oliver said, "While we continue to deliver strong operating performance, the sustained strengthening of the U.S. dollar is putting additional pressure on our results...We are able to partially offset this incremental headwind with the benefit of recent acquisitions and additional productivity. As a result, we are updating our full year EPS guidance to a range of $2.30 to $2.40 before special items, which at the midpoint would represent an 18% year-over-year improvement."