Tyco Swings to Profit on Higher Sales
Industrial conglomerate Tyco International Ltd. swung to a profit on a double-digit jump in sales and lower one-time charges compared with the same quarter a year earlier.
Net income rose to $454 million, or 22 cents a share, for its fiscal fourth quarter ended Sept. 30. Excluding one-time charges totaling $524 million, or 23 cents a share, net income would have been 45 cents a share.
Tyco, based in Pembroke, Bermuda, but run from West Windsor, N.J., posted a net loss of $297 million, or 15 cents a share, in 2003’s fourth quarter.
Shares of Tyco rose 55 cents to $31.70 on the New York Stock Exchange.
From Associated Press
* Carlsbad, Calif.-based Rubio’s Restaurants Inc. said third-quarter net income rose 71% to $1.43 million, or 15 cents a share, compared with $836,000, or 9 cents, in the same period a year ago. Revenue rose 10.7% to $36.2 million.
* Sysco Corp., North America’s largest distributor of food to restaurants, said earnings for its fiscal first quarter ended Oct. 2 rose 8.2% amid reduced costs. Net income increased to $225.9 million, or 35 cents a share, from $208.8 million, or 32 cents, a year earlier, Houston-based Sysco said.
* Humana Inc. reported a 36% jump in third-quarter earnings and increased its outlook for 2004. Louisville, Ky.-based Humana posted net income of $84.3 million, or 52 cents a share, up from earnings of $62.1 million, or 38 cents, in the year-earlier period.
