Jan 19 2010
Tyco International (NYSE: TYC) announced today that it now expects to report diluted earnings per share from continuing operations before special items for the first quarter of fiscal 2010 in the range of $0.63 to $0.65 per share or $0.61 to $0.63 per share on a GAAP basis. This compares to the company's previous guidance for diluted earnings per share from continuing operations before special items of $0.48 to $0.50 per share. As previously announced, Tyco will report its financial results for the fiscal first quarter of 2010 before the NYSE opens on Thursday, January 28, 2010.
Preliminary results for the company included revenue of $4.25 billion in the quarter, which exceeded previous guidance of $4.1 billion. In addition, operating income before special items in the quarter was better than anticipated and was driven in part by improved operating results at each of the company's business segments. Corporate expense and the company's tax rate were both below previous guidance due to the timing of certain items. On a preliminary basis, higher operating segment income and lower corporate expense contributed approximately $0.10 to the improvement, with the remaining $0.05 attributable to the impact of lower taxes.
"We were pleased with our operating performance and margins in the first quarter," said Ed Breen, Tyco Chairman and Chief Executive Officer. "Although our first quarter was better than expected, our order activity continues to be relatively flat. However, we are seeing increased quoting activity in our businesses. In light of our order rates and the fact that we are still early in our fiscal year, we are maintaining our guidance for full year diluted earnings per share before special items of $2.30 to $2.50 per share."
The company will discuss this updated first quarter outlook as part of the conference call announced for 8:30 a.m. on January 19, 2010 to discuss Tyco's announcement of its agreement to acquire Brink's Home Security Holdings, which now operates as Broadview Security. The conference call can be accessed in the following ways:
- At Tyco's website: http://investors.tyco.com.
- By telephone: For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the telephone dial-in number in the United States is (888) 455-5685. The telephone dial-in number for participants outside the United States is (773) 799-3896. The participant code is Tyco.
- An audio replay of the conference call will be available beginning at 10:00AM ET on January 20 and ending on January 26, 2010. The dial-in number for participants in the United States is (888) 562-0226. For participants outside the United States, the replay dial-in number is (203) 369-3740.