SCHAFFHAUSEN, Switzerland, Jan. 31, 2012 /PRNewswire/ --
- Company reports first quarter revenue of $4.2 billion, with 4%* revenue growth and 4% organic growth
- Operating income grows 14%* and the operating margin before special items improves 100 basis points to 13.0%*
- Diluted EPS from continuing operations before special items increases 12%
*Amount excludes results from the Electrical and Metal Products business following the sale of a majority interest in that business completed on December 22, 2010.
(Income and EPS amounts are attributable to Tyco common shareholders) ($ millions, except per-share amounts) | ||||
Q1 2012 | Q1 2011 | % Change | ||
Revenue | $4,208 | $4,379 | (4%) | |
Income from Continuing Operations | $ 333 | $ 490 | (32%) | |
Diluted EPS from Continuing Operations | $ 0.71 | $ 1.00 | (29%) | |
Special Items | $(0.13) | $ 0.25 | ||
Income from Continuing Ops Before Special Items | $ 393 | $ 367 | 7% | |
Diluted EPS from Continuing Ops Before Special Items | $ 0.84 | $ 0.75 | 12% | |
Tyco International Ltd. (NYSE: TYC) today reported $0.71 in diluted earnings per share (EPS) from continuing operations for the fiscal first quarter of 2012 and diluted EPS from continuing operations before special items of $0.84 per share. Revenue in the quarter of $4.2 billion increased 4% versus the prior year excluding the Electrical & Metal Products business, which is now reported as an equity investment, and organic revenue also grew 4%.
Tyco Chairman and Chief Executive Officer Ed Breen said, “We delivered a strong quarter operationally with continued organic revenue growth supported by improving order activity. The year over year improvement in our operating margin reflects increased volume in our product businesses, a higher mix of service revenue and the benefits of our cost containment and restructuring actions. This helped us deliver another quarter of double digit increases in earnings per share.”
“We are making good progress with our plan to separate Tyco into three standalone public companies and we remain on track to complete the proposed transaction by the end of our fiscal fourth quarter,” Breen added.
Organic revenue, free cash flow and operating income, operating margin, income and diluted EPS from continuing operations before special items are non-GAAP financial measures and are described below. For a reconciliation of these non-GAAP measures, see the attached tables. Additional schedules as well as First Quarter Review slides can be found at www.tyco.com on the Investor Relations portion of Tyco’s website.
