Summary
This 8-K filing from Tyco International Ltd. (though the prompt incorrectly stated Johnson Controls International plc) reports the company's financial results for the third quarter of fiscal year 2001, ending June 30, 2001. The report highlights significant year-over-year growth in both revenue and earnings, reflecting a strong operational performance across most business segments. Investors should note the substantial increase in overall revenues and diluted earnings per share, driven by robust performance in key areas like Healthcare and Specialty Products and Fire and Security Services. The acquisition of The CIT Group, Inc. is also a notable event, as its financial services results are now consolidated starting from June 2, 2001. The company has also made reclassifications in its reporting structure, merging its Flow Control results into the Electronics and Fire and Security Services segments. While Telecommunications segment revenues saw a decline, its profitability as a percentage of revenue improved, indicating operational efficiencies.
Key Highlights
- 1Tyco International Ltd. reported a 25% increase in revenue for Q3 FY2001, reaching $9.29 billion compared to $7.42 billion in the prior year.
- 2Diluted earnings per share before extraordinary items grew to $0.67 ($1.22 billion total) from $0.58 ($997.3 million total) in Q3 FY2000.
- 3Net income before non-recurring and extraordinary items increased by 32% to $1.31 billion.
- 4Diluted EPS before non-recurring and extraordinary items rose 24% to $0.72 from $0.58.
- 5Tyco Electronics reported a 8% revenue increase to $3.22 billion, with operating profits up 7% and margins stable at 25%.
- 6Tyco Healthcare and Specialty Products saw a 38% revenue increase to $2.27 billion, with operating profits up 41% and margins improving to 24%.
- 7Tyco Fire and Security Services revenue increased 27% to $2.69 billion, with operating profits up 38% and margins improving to 19%.