Tyco International Ltd. on Thursday reported fiscal second-quarter earnings shot up fivefold from year-ago results that included a hefty charge. The manufacturing conglomerate also lowered its full-year forecast.
The company, whose best-known business is ADT Security Services, a maker of home alarm systems, said quarterly profit totaled $1.02 billion, or 49 cents per share, up from $192 million, or 10 cents per share, a year earlier. Revenue totaled $10.21 billion, up slightly from $9.99 billion a year ago.
Earnings from continuing operations totaled 52 cents per share, compared with 19 cents per share a year ago.
Excluding special items that boosted earnings by 7 cents per share, Tyco's latest results matched Wall Street's profit forecast of 42 cents per share, according to the average forecast of analysts surveyed by Thomson Financial.
For the third quarter, Tyco forecast earnings from continuing operations of 46 cents to 48 cents per share, excluding special items.
The company also lowered its full-year expectations from continuing operations, excluding items, to a range of $1.80 to $1.85 per share from $1.85 to $1.92 per share, which it announced in February.
Analysts expect earnings per share of 50 cents for the quarter and $1.83 for the year.
Shares of Tyco rose 77 cents, or 2.9 percent, to $27.71 in early trading on the New York Stock Exchange.