Tyco earnings exceed expectations
NEW YORK--Tyco International, which is in the process of splitting into three separate companies, posted better than expected second-quarter earnings, Reuters reported.
The parent company of home security giant ADT and Tyco Building and Fire, had net earnings of $1.02 billion or 49 cents per share, up from $192 million, or 10 cents per share one year ago.
The company just also announced a $2 billion stock buyback. Tyco stock is down 15 percent from its 52-week high in May 2005 and down 6 percent this year.
However, shares have "almost quadrupled in value from the stock's low of about $7 per share in July 2002 when Chief Executive Ed Breen took over," according to a statement.