Security segment lifts Tyco profit above Street
Tyco International Ltd's
Net earnings rose to $659 million, or $1.34 per share, in the first quarter ended December 24, from $302 million, or 63 cents per share, a year earlier.
Earnings from continuing operations before special items were 75 cents per share, 7 cents ahead of analysts' estimates, according to Thomson Reuters I/B/E/S. That marked the 10th consecutive quarter that Tyco beat Wall Street forecasts.
Revenue rose 5 percent to $4.38 billion, slightly ahead of forecasts of $4.34 billion.
Sales in Tyco's biggest segment, security solutions, rose 10 percent, helped by increased demand from commercial customers. The segment was the only one to increase operating income or margins.
Tyco, which competes with Emerson Electric
(Reporting by Nick Zieminski; Editing by Derek Caney and Lisa Von Ahn)
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