Switzerland-based security products maker Tyco International Ltd. (TYC) posted a plunge in second-quarter net income attributable to shareholders to $72 million, or $0.16 per share, from $323 million, or $0.69 per share, a year back. On a GAAP basis, income from continuing operations dipped to $74 million, from the prior year's $134 million, negatively impacted by special items totaling $124 million after-tax or $0.26 per share, of which $0.12 was related to a legacy environmental matter at a Global Products facility in Marinette, Wisconsin.
Excluding special items, income from continuing operations was $198 million, or $0.42 per share for the latest quarter. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.39 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net revenue totaled $2.61 billion, up 3% compared with the previous year figure of $2.54 billion. Analysts estimated revenues of $2.59 billion for the quarter.
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