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Tyco reiterates estimates
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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.
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. 
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Tyco
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