Tyco Intl fiscal 4Q profit climbs 50 percent

-Tyco International Ltd.'s fiscal fourth quarter earnings climbed 50 percent, spurred in part by growth in its flow control business. The manufacturer said Wednesday it remains on track with its goal of separating into three public companies.

Tyco earned $400 million, or 85 cents per share, in the three months that ended Sept. 30. That compares with net income of $266 million, or 53 cents per share, in last year's quarter. Earnings from continuing operations, excluding some one-time items, were 92 cents per share.

Revenue grew 4.4 percent to $4.69 billion. An extra week contributed about $143 million in revenue to this year's quarter.

Analysts surveyed by FactSet expected, on average, earnings of 86 cents per share on about $4.51 billion in revenue.

Last year's revenue included results from the company's electrical and metal products business, which is now reported as an equity investment. Tyco sold a majority interest in that business to a private equity firm. Excluding that business from the comparison, Tyco's revenue rose 14 percent.

Revenue from its flow control business, which sells valves and controls for the energy, mining and water markets, climbed 25 percent to $1.08 billion. Revenue from the company's two largest segments, security and fire protection, climbed 11 percent.

In the full fiscal year, Tyco earned $1.73 billion, or $3.62 per share, on $17.36 billion in revenue.

Tyco announced in September that it planned to separate into three independent, publicly-traded companies. The move will mark its second breakup since 2007. The company will create an ADT North America residential security business and separate companies for flow control products and commercial fire and security.

Tyco said the new companies will have greater flexibility to pursue their own growth strategies than they would under the current corporate structure. The company said in September it expects to complete the breakup in about a year.