ADT parent posts earnings
Tyco International today reported second quarter earnings. From the release:
Tyco International Ltd. (NYSE: TYC) today reported a loss of $5.40 in diluted earnings per share (EPS) from continuing operations for the fiscal second quarter of 2009 and diluted EPS from continuing operations before special items of $0.55 per share. Revenue in the quarter of $4.2 billion declined 15% versus the prior year, mostly due to the impact of the stronger U.S. dollar against foreign currencies. Organic revenue declined 5.5% in the quarter. Second quarter income from continuing operations was negatively impacted by special items, which totaled $2.8 billion after tax or $5.95 per shareThose special items include Tyco's decision to reassess goodwill and intangible assets, legacy legal matters, and, restructuring, asset impairments and divestiture charges However, here's a quote from Ed Breen:
"The diversified nature of our business mix, including our recurring and service revenue, combined with the actions we have taken to reduce our cost structure, allowed us to exceed our earnings guidance this quarter despite the difficult conditions in the global economy," said Tyco Chairman and Chief Executive Officer Ed Breen. "We continue to aggressively manage our cost structure and working capital, generate strong cash flow and invest in our businesses for long-term growth."Here's the full release. For more, tune into the earnings call, which is scheduled to begin at 8:30 this morning.