Currency Gains Help Boost Tyco Profit 23%
Industrial conglomerate Tyco International Ltd. posted a 23% increase in profit for its fiscal first quarter as favorable currency exchange rates boosted revenue.
Tyco, a provider of electronic security and fire protection services, electronic components and industrial valves and controls, reported net income of $719.2 million, or 34 cents a share, compared with $585.9 million, or 29 cents, in the 2002 quarter. Revenue rose 9% to $9.7 billion.
Tyco shares rose 70 cents to $27.80 on the New York Stock Exchange.