Tyco International Reports First Quarter Earnings

Tyco International Ltd. TYC today reported $1.00 in diluted earnings per share (EPS) from continuing operations for the fiscal first quarter of 2011 and diluted EPS from continuing operations before special items of $0.75 per share. Revenue in the quarter of $4.4 billion increased 5% versus the prior year with organic revenue growth of 4% including a 1 percentage point contribution from the Electrical & Metal Products business. Tyco Chairman and Chief Executive Officer Ed Breen said, "Our first quarter results reflect continued improvement in our end markets which contributed to a stronger operating margin and helped us deliver a 17% increase in diluted earnings per share. We finished the quarter in a strong cash position which provides us the financial flexibility to continue to increase investments in R&D, fund our growth initiatives, and return excess cash to shareholders."