OT - re: Chanos & Co. Shorts
Remember TYC?
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Tyco First-Quarter Earns Top Street
REUTERS - 1/18/00 12:22:00 PM
EXETER, N.H. (Reuters) - Diversified manufacturer Tyco International Ltd. [TYC] on Tuesday posted first-quarter earnings of $784.3 million, or 46 cents
per diluted share, compared with year-ago earnings of $509.3 million, or 31 cents a share.
Analysts had forecast Tyco would earn 45 cents a share in its first quarter ended Dec. 31, according to estimates compiled by First Call/Thomson Financial.
Including charges and credits related to Tyco's acquisitions of AMP and US Surgical, Tyco's year-earlier results would have totaled a loss of 7 cents per
share, the company said.
Tyco said first-quarter sales rose 27 percent to $6.64 billion, from $5.21 billion a year earlier.
Investors applauded the results, as Tyco shares surged $3 1/16 to $37 5/8 on Tuesday.
Dennis Kozlowski, Tyco's chairman and chief executive, attributed ''organic growth'' across each of Tyco's four segments -- telecommunications and
electronics; healthcare and specialty products; fire and security services; and flow control products and services -- as driving performance.
''The strength of our core businesses combined with strong cash flows are indicative of another strong year for Tyco,'' Kozlowski said.
Tyco also said its board of directors has authorized a share buyback of up to $2 billion. The timing and amount of the buyback are subject to market
conditions, the company said.
On Monday, Tyco announced plans to build and operate a global undersea fiber optic communications network and offer 20 percent of the new firm in an
initial public offering.
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Stock closed close at $38.75 today on more than 20.4 million shares. |
