Tyco’s Profit Declines Despite Higher Revenue
From the Associated Press
Manufacturing and services conglomerate Tyco International Ltd. said Thursday that its fiscal third-quarter profit declined as higher revenue was outweighed by charges.
Separately, Bermuda-based Tyco said it had agreed to sell its Tyco Printed Circuit Group business for $226 million to TTM Technologies Inc. of Santa Ana.
Net income for the quarter ended June 30 was $868 million, or 42 cents a share, compared with $1.19 billion, or 56 cents, a year earlier. Revenue rose 5.1% to $10.5 billion from $10 billion a year earlier.
Tyco’s shares fell 41 cents to $25.95.
