Tyco (TYC) Q4 Profits and Revenues Fall, But Exceed Expectations

November 10, 2009 8:21 AM EST

Tyco International (NYSE: TYC) reported fourth-quarter earnings for continuing operations at 61 cents per share, excluding special items, 7 cents better than the consensus of 54 cents per share.

Revenues for the company came in at $4.42 billion, versus the consensus of $4.32 billion. Revenue fell 16 percent from the year-ago quarter.

The company reported a 53 percent drop in net profit in the fourth quarter as the weak economy has slowed demand for the Tyco's construction and control products. The company saw a smaller drop than forecasted by analysts as it underwent charges from restructuring and asset impairments.

Net income for Tyco in the fourth quarter dropped to $205 million, from the $434 million in the same quarter last year.

"Our operating results for the fourth quarter reflect good progress in reducing our overall cost structure while we continue to invest in the future growth of our businesses," stated Ed Breen, Tyco Chairman and Chief Executive Officer. "We generated strong cash flow in the quarter, effectively managed our working capital and we finished the year in strong financial condition."

Shares for Tyco are trading at $35.50 before the market opens today, just above yesterday's close of $35.39.

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