(RTTNews) - Diversified conglomerate Tyco International Ltd. (TYC: News ) on Tuesday reported a decline in fourth-quarter profit, hit by double-digit revenue declines across most segments, and the absence of a year-ago gain from discontinued operations. Adjusted earnings from continuing operations topped Wall Street view. For the full year, the company reported a loss owing to hefty goodwill and intangible asset impairments.

Net income for the quarter declined to $205 million or $0.43 per share from $434 million or $0.91 per share in the prior year. The company's third-quarter net income was $287 million or $0.60 per share.

Income from continuing operations declined to $207 million or $0.44 per share from $264 million or $0.55 per share in the prior year. Special items reduced earnings by $0.17 per share in the just concluded quarter. Income from continuing operations for the third quarter was $243 million or $0.51 per share.

Income from continuing operations before special items was $291 million or $0.61 per share. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.54 per share for the quarter.

The company reported a loss from discontinued operations of $2 million for the just concluded quarter, compared to an income of $170 million in the same period last year.

Net revenue for the quarter declined 16% to $4.421 billion from $5.284 billion in the prior year quarter. Analysts expected revenues of $4.32 billion. On an organic basis, fourth-quarter revenue decline was 12%. The company's third-quarter revenue was $4.24 billion.
Operating income for the fourth quarter declined to $315 million from $429 million. Operating margin slipped to 7.1% from 8.1%.

Revenue from ADT Worldwide dropped 9% to $1.799 billion from $1.981 billion. Organic revenue decline was 5% and 4% decline was due to foreign currency changes. The segment's operating profit rose to $226 million from $203 million. The company noted that Systems installation and service revenue declined 14% organically, mainly due to weakness in North America and Europe, as a result of continuing drop in sales to commercial customers, including the retailer end market.

Flow Control generated $1.010 billion in fourth-quarter revenue, lower by 15% from $1.188 billion generated last year. Organic revenue decline was 10%. Operating profit for the segment dipped to $126 million from $152 million.

Fire Protection Services had fourth-quarter revenues of $904 million, down 11% from last year's $1.015 billion, with an organic revenue decline of 7%. Operating profit slipped to $65 million from $71 million.

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