Tyco Swings To Profit In Q4; Acquires Westfire - Quick Facts

(RTTNews) - Swiss security products maker Tyco International Ltd.'s (TYC) fourth-quarter net income attributable to common shareholders amounted to $166 million, or $0.35 a share, as against a loss of $419 million, or $0.91 a share, last year. For the quarter, earnings per share from continuing operations before special items totaled $0.52. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked revenues of $2.76 billion in the quarter, up 1%, versus the prior-year figure of $2.73 billion, while 11 analysts estimated revenues of $2.74 billion. Organic revenue grew 1% in the period with 8% growth in products, 4% growth in service and a 6% drop in installation revenue. The company said that the acquisitions contributed two percentage points of growth which was offset by the impact of divestitures and changes in foreign currency exchange rates.

Additionally, the board approved an annual dividend increase of 13% from $0.64 to $0.72 per share, subject to shareholder approval.

Subsequent to the quarter end, Tyco acquired Westfire Inc., a fire installation and services business in the mining and special hazard verticals in the U.S., Chile and Peru. The transaction closed on November 8, 2013 and Westfire business is likely to generate about $80 million in annualized revenues in fiscal 2014.

During the quarter, the firm closed the prior announced acquisition of a majority ownership stake in Beijing Master Systems Engineering, a systems integrator of building and security systems in China.