Tyco beats by $0.02, reports revs in-line
Reports Q1 (Dec) earnings of $0.47 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 1.8% year/year to $2.65 bln vs the $2.63 bln consensus.
Organic revenue grew 1.5% in the quarter, with 2% growth in service and 2% growth in products. Installation revenue was unchanged from the prior year on an organic basis. Acquisitions contributed two percentage points of growth, which was mostly offset by the impact of divestitures and changes in foreign currency exchange rates.
"I am very pleased with the progress we are making on our growth initiatives and we are beginning to see some momentum on the front end of the business, with order rates increasing almost 7% year over year. There are also signs of a recovery in non-residential construction markets in North America, stability in Europe, and we continue to capture double-digit growth in our Growth Markets. During the quarter, we also completed the acquisition of Westfire, which builds on our fire protection capabilities and provides a platform for further growth in Latin America, while continuing to return capital to shareholders through share repurchases and dividends. We are well positioned across our businesses and markets to continue to deliver strong results in 2014 and for the longer term."
Organic revenue grew 1.5% in the quarter, with 2% growth in service and 2% growth in products. Installation revenue was unchanged from the prior year on an organic basis. Acquisitions contributed two percentage points of growth, which was mostly offset by the impact of divestitures and changes in foreign currency exchange rates.
"I am very pleased with the progress we are making on our growth initiatives and we are beginning to see some momentum on the front end of the business, with order rates increasing almost 7% year over year. There are also signs of a recovery in non-residential construction markets in North America, stability in Europe, and we continue to capture double-digit growth in our Growth Markets. During the quarter, we also completed the acquisition of Westfire, which builds on our fire protection capabilities and provides a platform for further growth in Latin America, while continuing to return capital to shareholders through share repurchases and dividends. We are well positioned across our businesses and markets to continue to deliver strong results in 2014 and for the longer term."