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Industrial conglomerate Tyco International posted a 53 percent drop in quarterly net profit as soft economic conditions sapped demand for its construction and control products.
But the result beat analysts' forecasts as the company took a smaller-than-expected hit from restructuring charges and asset impairments, according to Thomson Reuters.
Tyco [TYC
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] said on Tuesday that net income fell to $205 million, or 43 cents per share, in the fourth quarter ended on Sept. 25 from $434 million, or 91 cents per share, a year earlier.
Earning from continuing operations, excluding special items, fell by 20 cents per share to 61 cents, beating analysts' forecasts for 54 cents.
"Our operating results for the fourth quarter reflect good progress in reducing our overall cost structure while we continue to invest in the future growth of our businesses,'' Tyco Chief Executive Officer Ed Breen said in a statement.
Revenue fell 16 percent to $4.4 billion, edging past Wall Street estimates of $4.3 billion.
Tyco shares have risen some 59 percent so far this year, sharply outpacing a 2 percent rise of the Dow Jones U.S. diversified industrials index.
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