Tyco Q3 Net Profit Dips - Quick Facts

(RTTNews) - Swiss security products maker Tyco International Ltd.'s (TYC) third-quarter net income fell to $135 million, from $245 million a year ago. However, the firm reported a surge in quarterly income from continuing operations attributable to common shareholders to $132 million, or $0.28 a share, from $65 million, or $0.14 a share, in the earlier year quarter.

For the fiscal third quarter of 2013, earnings per share from continuing operations before special items were $0.50. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.48 for the quarter. Analysts' estimates typically exclude one-time items.

Revenue in the quarter increased 1% to $2.68 billion, from the prior year's $2.66 billion, and organic revenue went up 1%, with 5% growth in products, 3% growth in service and a 4% drop in installation revenue. Analysts estimated revenues of $2.71 billion for the quarter.

Commenting on the results, Tyco's Chief Executive, George Oliver, said: "Our results mark another strong quarter of operational performance, reflecting the continued strength of our recurring and service revenue base as well as sustained momentum in our Global Products business."

Oliver concluded, "Additionally, we announced the acquisition of Exacq Technologies, a developer of video management systems, to expand our security product offerings and strengthen our position in the market. We also continued to return capital to shareholders during the quarter, by repurchasing $100 million of shares."