Tyco International Reports First Quarter Earnings

January 11, 2001 by Jeff Shepard

Tyco International Ltd. (Bermuda) reported that diluted earnings per share for its first quarter ended December 31, 2000 were 57 cents, a 24 percent increase over earnings of 46 cents per share in its first quarter of fiscal 2000. Net income before extraordinary items and cumulative effect of accounting change rose to $1.01 billion, an increase of 28 percent compared to $784.3 million last year. Sales for the quarter rose 21 percent to $8.02 billion, compared with last year's $6.64 billion.

“Each of Tyco's segments reported solid gains in revenue, operating profits and cash flow, even in the face of a turning economic environment. The strongest growth was recorded by Tyco Electronics," commented L. Dennis Kozlowski, Tyco's chairman and CEO. He continued, “Although we face an uncertain economic environment, we remain comfortable with Tyco's outlook for the remainder of 2001."