Published November 14, 2013
Tyco International (TYC) swung to a profit in the fourth quarter, a year after the industrial conglomerate’s results were impacted by the extinguishment of debt.
The company also said Thursday it acquired Westfire, a provider of fire-protection services, for an undisclosed amount. The transaction, which closed last week, expands Tyco’s footprint in services. Westfire is expected to generate $80 million in revenue in fiscal 2014.
Meanwhile, Tyco’s board approved a 13% increase in its quarterly dividend to 72 cents a share.
The company reported a profit of $166 million, or 35 cents a share, versus a year-ago loss of $419 million, or 91 cents a share. Excluding one-time charges, adjusted per-share earnings from continuing operations rose to 52 cents from 34 cents.
Revenue ticked 1.2% higher to $2.76 billion. Organic revenue increased 1%.
Per-share earnings for the latest period matched Wall Street expectations, while revenue was slightly ahead of an estimate for $2.74 billion.
After spinning off some of its businesses, Switzerland-based Tyco focused its attention of fire-suppression systems for commercial buildings and safety equipment.
CEO George Oliver noted that Tyco completed five acquisitions and accelerated its service growth in its first year as a refocused company.
In the final quarter, systems installation and services revenue was down 4.4% in North America but up 0.9% internationally. Global products revenue jumped 12%.
Shares rallied 1.6% to $37.33 Thursday morning.