Tyco Int'l Q2 Profit Declines; Cuts Full Year EPS Outlook - Quick Facts

(RTTNews) - Swiss security products maker Tyco International Ltd. (TYC) Friday said second-quarter net income attributable to ordinary shareholders fell to $167 million or $0.39 per share, from $207 million or $0.44 per share in the comparable quarter last year.

Income from continuing operations rose 5% to $0.43 from $0.41. Adjusted earnings per share from continuing operations were $0.55, while it totaled $0.47 last year.

On average, 15 analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue was $2.43 billion, compared to $2.48 billion last year. Analysts expected revenues of $2.43 billion.

According to the company, revenue declined 2 percent versus the prior year due to a 6% negative impact of the stronger U.S. dollar against foreign currencies. Organic revenue grew 2% led by the Global Products with a 7 percent increase.

Looking ahead, the firm expects third-quarter earnings per share before special items of $0.55 - $0.57. Analysts expect earnings per share of $0.65 for the quarter.

For full year 2015, the company lowered its earnings before special items to a range of $2.23 to $2.27 per share, from the previous projection of $2.30 to $2.40, primarily related to headwinds from foreign currency exchange rates and the decline in the oil and gas end market. Wall Street looks for fiscal year earnings of $2.33 per share.