Diversified conglomerate Tyco International Ltd. said Tuesday it fell to a fiscal third-quarter loss due to hefty charges primarily related to a legal settlement, but adjusted results managed to top Wall Street’s expectations.
The company reported a loss of $3.55 billion, or $7.18 per share, compared with a profit of $868 million, or $1.68 per share, in the previous year.
Loss from continuing operations was $3.04 billion, or $6.13 per share, versus income from continuing operations of $170 million, or 33 cents per share.
Excluding $3.3 billion related to a legal settlement, charges and other items, Tyco posted income from continuing operations of $277 million, or 55 cents per share, compared with $252 million, or 49 cents per share.
Analysts polled by Thomson Financial expected earnings of 48 cents per share.
Quarterly revenue for the period ended June 29 climbed 8 percent to $5.09 billion from $4.72 billion a year ago.
Consensus estimates put sales at $5.01 billion.
Tyco said it expects fourth-quarter revenue growth between 6 percent and 7 percent, excluding infrastructure services.