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TYCO INTERNATIONAL LTD. (SWITZERLAND) (TYC) filed Quarterly Report for the period ended 2011-12-30.
Tyco International Ltd. has a market cap of $22.73 billion; its shares were traded at around $49.21 with a P/E ratio of 15.1 and P/S ratio of 1.3. The dividend yield of Tyco International Ltd. stocks is 2%.
This is the annual revenues and earnings per share of TYC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TYC.
Highlight of Business Operations:
Operating income for the quarter ended December 30, 2011 was $472 million compared to operating income of $706 million for the quarter December 24, 2010. The decrease in operating income of $234 million is primarily driven by a net gain on divestitures of $246 million for the quarter ended December 24, 2010 primarily due to the sale of a majority interest in the Electrical and Metal products business, as compared to nil for the quarter ended December 30, 2011. Operating income was favorably impacted by improved sales volumes across all of our businesses. Operating income for the quarter ended December 30, 2011 included restructuring and asset impairment charges of $37 million compared to $32 million for the quarter ended December 24, 2010; $32 million of separation costs compared with nil in the same period in the prior year; and acquisition and integration costs of $8 million compared to $5 million for the quarter ended December 24, 2010.Operating income of $339 million decreased $8 million, or 2.3%, in the quarter ended December 30, 2011 as compared to the same period in the prior year. Included in operating income for the quarter ended December 30, 2011, were restructuring and asset impairment charges, net of $29 million as compared to a restructuring credit of $1 million during the quarter ended December 24, 2010. Additionally, operating income included $7 million and $5 million of acquisition and integration costs during the quarters ended December 30, 2011 and December 24, 2010, respectively, in each case primarily due to the ongoing integration of Broadview Security. Operating income included nil and $1 million of loss on divestiture during the quarters ended December 30, 2011 and December 24, 2010, respectively. Changes in foreign currency exchange rates unfavorably impacted operating income by $4 million, or 1.2%. The decline in operating income was partially offset by the impact of higher sales volumes in the North America residential market, ROW and Tyco Security Products, as well as from savings realized through previous restructuring actions and ongoing cost containment initiatives.
Net revenue for Tyco Fire Protection of $1.1 billion increased by $31 million, or 2.8%, during the quarter ended December 30, 2011, as compared to the quarter ended December 24, 2010. The increase in net revenue was primarily driven by the acquisition of Chemguard during the fourth quarter of fiscal 2011, which increased revenue by $22 million, or 2.0%, with the remaining increase related to higher volumes in product sales as a result of generally improved end-market demand. Net revenue was unfavorably impacted for the quarter ended December 30, 2011 by divestitures of $8 million, or 0.7%. Changes in foreign currency exchange rates unfavorably impacted net revenue by $1 million, or 0.1%.
Operating income of $144 million increased $56 million, or 63.6%, during the quarter ended December 30, 2011 as compared to the same period in the prior year. The increase in operating income and operating margin was primarily driven by increased product sales volume, as well as cost-containment initiatives. Included in operating income for the quarter ended December 30, 2011 was $3 million and nil in restructuring and asset impairment charges, and divestiture charges, respectively, compared to $27 million in restructuring and asset impairment charges and a $12 million loss on divestiture for the quarter ended December 24, 2010. The Chemguard acquisition also contributed $2 million, or 2.3%, to operating income. Changes in foreign currency exchange rates had a negligible impact on operating income.
Backlog increased $108 million, or 1.1%, to $9.8 billion as of December 30, 2011. The net increase in backlog was primarily related to an increase in recurring revenue-in-force in our Tyco Security Solutions segment and increased bookings in our Tyco Fire Protection segment and our Tyco Flow Control segment. This increase was partially offset by unfavorable changes in foreign currency rates of $37 million, or 0.4%. Tyco Security Solutions' backlog includes recurring revenue-in-force and long-term deferred revenue for upfront fees paid by customers for Tyco Security Solutions' owned security systems. Revenue-in-force represents 12 months' revenue associated with monitoring and maintenance services under contract in the security business. Tyco Security Solutions' backlog of $6.8 billion for both December 30, 2011 and September 30, 2011, consists primarily of $5.0 billion and $4.9 billion of recurring revenue-in-force as of December 30, 2011 and September 30, 2011 and $1.1 billion of deferred revenue as of December 30, 2011 and September 30, 2011.
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