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News > Companies
Tyco reiterates estimates
September 19, 2001: 9:20 a.m. ET

Diversified manufacturer comfortable with profit forecasts for FY '01, '02
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NEW YORK (CNNfn) - Diversified manufacturer Tyco International Inc. Wednesday reiterated its earnings guidance for fiscal 2001 and 2002, saying it expects to meet estimates.

The maker of fire protection systems, electronic components and undersea telecommunications systems said it remains comfortable with its previous estimates of $2.77-$2.78 a share for the year ending Sept. 30, and $3.45 a share for fiscal 2002.

Including the effects of an accounting change, the company is comfortable with fiscal 2002 estimates of $3.70 a share, and 72 cents to 73 cents a share for the first quarter of fiscal 2002, ending in December.

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Tyco's (TYC: up $0.85 to $45.60, Research, Estimates) shares finished 35 cents lower at $44.75 Tuesday.

The earnings reaffirmation comes a month after Tyco announced plans to slash nearly 11,300 jobs while closing or consolidating nearly 300 plants in connection with acquisitions made in the previous and current fiscal years.

Known as an acquisitive conglomerate, Pembroke, Bermuda-based Tyco relies on work force reductions and plant closings to squeeze efficiencies out of acquired companies while boosting cash flow. graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.