Reuters: Mergers News: UPDATE 1-Tyco profit beats, split on track for September

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UPDATE 1-Tyco profit beats, split on track for September Apr 26th 2012, 10:52 Thu Apr 26, 2012 6:52am EDT April 26 (Reuters) - Industrial conglomerate Tyco International Ltd, which is breaking up later this year, reported higher-than-expected quarterly earnings on Thursday, helped by stronger profit in its commercial fire and security business, and said the split-up was on track to be completed in September. Net earnings rose to $327 million, or 70 cents per share, in the second quarter ended March 30, from $315 million, or 66 cents per share, a year earlier. Earnings from continuing operations excluding special items were 86 cents a share, beating estimates by 7 cents, according to Thomson Reuters I/B/E/S. Sales rose 9 percent to $4.35 billion, compared with Wall Street estimates of $4.22 billion. Sales of fire and security products rose, but Tyco installed fewer systems because of weak construction markets. The fire and security business is Tyco's biggest. The company did not immediately update its profit forecast but said orders accelerated. Tyco, which has targeted September for a planned break-up of the industrial conglomerate, said it was making good progress. Last month, Pentair Inc reached a $4.6 billion stock deal to absorb Tyco's flow-control business, roughly doubling Pentair's size and making it the largest player in its sector, majority-owned by Tyco shareholders. Tyco has said the split would allow its three businesses -- ADT North America residential security, flow control products and services, and the fire and security business -- to have more options for growth, both from within and through acquisitions. Link this Share this Digg this Email Reprints

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