Tyco International first-quarter revenues up
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Manufacturing News, Source : TheManufacturer.com
Published : 03 Feb 2004 16:40
Tyco International, the scandal-beseiged manufacturing conglomerate, reported first-quarter increases in revenue and income from continuing operations today.
The company reported revenue of $9.7 billion for the quarter, up nine percent compared with $8.9 billion one year ago. Income from continuing operations increased 27 percent to $719 million from $566 million in the same period in 2003.
“We had a good first quarter, driven primarily by strong revenue and operating income in our Electronics and Healthcare segments and improved operating profit in our Fire and Security segment,” said Tyco Chairman and Chief Executive Officer Ed Breen, in a statement. “We also had significantly improved free cash flow versus a year ago, demonstrating the quality of the progress we've made over the past year.”
Tyco had announced a $390 million restructuring program in the fourth quarter of 2003, which included plans to exit some 50 businesses. To that end, Tyco today reported the closure of 47 facilities and a staffing reduction of about 1,200 employees.
Former Tyco CEO Dennis Kozlowski and former Tyco financial chief Mark Swartz are currently on trial in New York for allegedly looting the conglomerate of some $600 million.
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