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Tyco International Reports Third Quarter Earnings from Continuing Operations Before Special Items of $0.58 Per Share and GAAP Earnings of $0.51 Per Share
Date:7/30/2009

demand in end markets and significantly lower year over year steel prices. Volume declined 40% for steel products and 27% for copper products.

Electrical and Metal Products incurred an operating loss of $17 million. Special items of $10 million included $7 million from restructuring activities and a $3 million divestiture loss. The operating loss before special items of $7 million was due to the impact of lower volume and lower steel spreads.

Safety Products

                                              Q3 2009  Q3 2008   % Change
                                              -------  -------   --------
    Revenue                                     $380     $511      (26%)
    Operating Income                             $34      $79      (57%)
    Operating Margin                             8.9%    15.5%
    Special Items                               ($11)    ($12)
    Operating Income Before Special Items        $45      $91      (51%)
    Operating Margin Before Special Items       11.8%    17.8%

Revenue of $380 million declined 26% with an organic revenue decline of 19% due to lower volume across the Fire Suppression, Electronic Security and Life Safety businesses. These businesses experienced weaker demand in end markets as well as lower distributor inventory levels. Changes in foreign currency also negatively impacted results.

Operating income was $34 million and the operating margin was 8.9%. Special items of $11 million resulted from restructuring activities. Operating income before special items of $45 million decreased 51%, primarily due to lower volume.

OTHER ITEMS

  • The GAAP tax rate for the quarter was 11.3% and the tax rate excluding special items was 13.4%.
  • Corporate and Other expense was $100 million and included special items of $2 million from restructuring activities.

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SOURCE Tyco International Ltd.
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