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News > Companies
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Tyco 1Q profit jumps
graphic January 15, 2002: 11:08 a.m. ET

Diversified manufacturer tops forecasts but warns; stock sinks.
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  • Tyco is strategist's favorite stock - Dec. 18, 2001
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  • Tyco International Ltd.
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    NEW YORK (CNN/Money) - Tyco International Ltd. posted sharply higher profits for the latest quarter, topping Wall Street forecasts, but the diversified manufacturer also warned Tuesday that its results in the current quarter would fall short of expectations.

    For its first quarter ended Dec. 31, the maker of fire extinguishers, electronic connectors, crutches and other products said it earned $1.5 billion, or 74 cents a share, excluding certain items, up from $997 million, or 63 cents a share, a year earlier. The company restated year-ago results in accordance with a new accounting principle.

    Analysts on average expected a profit of 73 cents a share, according to earnings tracker First Call.

    Sales rose to $10 billion from $8 billion.

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    The Pembroke, Bermuda-based company also lowered its second-quarter earnings estimate to about 81 cents a share, citing near-term uncertainty in the electronics business, versus Wall Street forecasts of 86 cents a share for the quarter.

    Tyco (TYC: down $4.73 to $47.67, Research, Estimates) stock sank in morning trading.

    In addition to connectors, the company's electronics unit, its biggest, makes printed circuit boards and other products.

    The company said its free cash flow, which it defines as cash generated from operations minus capital spending and dividends, came in at negative $215 million, compared with positive $227 million a year earlier.

    Tyco cited seasonal slowness and the payment of employee cash bonuses for the negative cash flow in the first quarter.

    Click here to check other manufacutring stocks

    It said it still expects earnings of $3.70 a share for the full year, above Wall Street estimates of $3.67. It expects free cash flow of about $800 million to $1 billion in the second quarter and $4 billion for the entire fiscal year. 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.

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