Tyco tops forecast

Tyco reported better-than-expected quarterly profits and sales. Tyco's net earnings were USD 310 million, or 65 cents per share, for the fiscal second quarter ended 26 March, compared with a loss of USD 2.6 billion, or  USD5.42 per share, a year earlier, when results included large charges.

Sales rose at Tyco's ADT Worldwide security unit and its electrical products segment, but fell in the fire protection and flow control segments. ADT, the biggest unit, boosted its operating income and improved margins, as higher recurring revenue offset weakness in new system installations, which reflects the ongoing malaise in nonresidential construction.