Tyco Int'l. Q2 Profit Spikes - Quick Facts

(RTTNews) - Swiss security products maker Tyco International Ltd. (TYC) reported a surge in second-quarter 2014 net income attributable to common shareholders to $207 million, or $0.44 per share, from $72 million, or $0.16 per share, last year. For the latest quarter, Tyco reported $0.39 in GAAP earnings per share from continuing operations and earnings per share on continuing operations before special items of $0.45.

On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenue of $2.49 billion was 0.5% higher than the prior-year quarter's $2.47 billion, while 12 analysts estimated revenues of $2.50 billion for the period. Organic revenue went up by 2% in the quarter, with 1.5% growth in service, 1% growth in installation and 2% growth in products. Acquisitions contributed two percentage points of growth, which was more than offset by the impact of divestitures and changes in foreign currency exchange rates, according to the company.

As announced earlier, the board approved an additional $1.75 billion authorization for share buybacks. Combined with the remaining $250 million from the prior authorization, the total share repurchase authorization is currently $2.0 billion.

During the quarter, the company has agreed to divest its South Korean security business, ADT Korea, in a cash deal worth around $1.93 billion. The results of this are reflected in discontinued operations for all periods presented. Further, Tyco closed the sale of its minority interest in Atkore International.