Tyco International Ltd. Tuesday said quarterly net income surged 23 percent, beating company and Wall Street forecasts, on a stronger performance at its healthcare and electronics divisions.
Tyco earned $719 million, or 34 cents a diluted share, for the fiscal first quarter ended Dec. 31. That is up from $586 million, or 28 cents a share, the year before.
Analysts’ average earnings forecast was 32 cents a share, according to Reuters Research, a unit of Reuters Group Plc. Tyco’s forecast called for earnings of 30 cents to 32 cents a share.
Quarterly revenue rose 9 percent to $9.7 billion, with foreign currency contributing 7 percentage points of the increase.
Tyco said its earnings outlook for 2004 is unchanged. The company still expects to earn $1.42 to $1.52 a share before restructuring charges and divestitures.