tyco international ltd (TYC) Key Developments
Tyco International Ltd. Presents at Wolfe Research 6th Annual Global Transportation Conference, May-22-2013
May 19 13
Tyco International Ltd. Presents at Wolfe Research 6th Annual Global Transportation Conference, May-22-2013 . Venue: Fordham University School of Law at Lincoln Center, 140 West 62nd Street, New York, New York, United States.
Tyco International Ltd. Announces Multi-Year Enterprise Framework Agreement with Shell
May 6 13
Tyco International Ltd. was awarded an Enterprise Framework Agreement (EFA) from Shell Global Solutions International B.V., to provide fire protection products, engineered systems and lifecycle services for Shell onshore and offshore sites in the Americas, Asia and Australia/New Zealand. Key components of Tyco's offering include a commitment to ethical business practices, leveraging Tyco's global footprint of centers of excellence and service, harnessing Tyco's broad portfolio of product technology and brands, and incorporating Tyco's Williams Hazard and Response solutions to provide peace of mind and expert consultation. As part of the agreement, Tyco has formed a Program Management Office (PMO) to provide guidance and oversight throughout the installation and service delivery process. The Tyco PMO will drive EFA compliance, promote standardization, capture best practices and lessons learned, identify potential future innovations, consolidate reporting, and create templates for successful execution of contracts and services.
Tyco International Ltd. Declares Quarterly Dividend, Payable on August 21, 2013
May 2 13
Tyco International Ltd. declared a quarterly dividend of $0.16 per share, payable on August 21, 2013 to shareholders of record at the close of business on July 26, 2013.
Tyco Declares Quarterly Dividend Payable on July 26, 2013
May 2 13
Tyco International Ltd. have declared a quarterly dividend of $0.16 per share, payable on August 21, 2013 to shareholders of record at the close of business on July 26, 2013.
Tyco International Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 29, 2013; Provides Earnings Guidance for the Third Quarter and Full Year of 2013; Provides Dividend Guidance for the Year 2013
Apr 26 13
Tyco International Ltd. announced unaudited consolidated earnings results for the second quarter and six months ended March 29, 2013. For the quarter, the company reported net revenue of $2,608 million against $2,542 million a year ago. Operating income was $123 million against $228 million a year ago. Income from continuing operations before income taxes was $82 million against $169 million a year ago. Income from continuing operations was $72 million against $134 million a year ago. Net income attributable to company common shareholders was $72 million or $0.16 basic per share against $323 million or $0.70 basic per share a year ago. Net cash provided by operating activities was $246 million against $282 million a year ago. Capital expenditures were $102 million against $95 million a year ago. Purchases of investments were $28 million against $20 million a year ago. Free cash flow was $134 million against $180 million a year ago. Adjusted free cash flow was $209 million against $221 million a year ago. Earnings per share from continuing operations before special items were $0.42 compared to the prior year quarter of $0.30.
For the six months, the company reported net revenue of $5,208 million against $5,020 million a year ago. Operating income was $358 million against $414 million a year ago. Income from continuing operations before income taxes was $288 million against $304 million a year ago. Income from continuing operations was $233 million against $232 million a year ago. Net income attributable to company common shareholders was $235 million or $0.50 basic per share against $645 million or $0.50 basic per share a year ago. Net cash provided by operating activities was $207 million against $206 million a year ago. Capital expenditures were $192 million against $185 million a year ago. Purchases of investments were $119 million against $43 million a year ago. Free cash flow was $1 million against $9 million a year ago. Adjusted free cash flow was $121 million against $73 million a year ago.
The company provided earnings guidance for the third quarter and full year of 2013. For the quarter the company expects effective tax rate to be approximately 19%. The company expects revenue to approach $2.7 billion with organic revenue growth of 1%. In terms the bottom line results, the company expects to see a nice sequential improvement in the third quarter operating results across all 3 businesses, contributing $0.07 of earnings on a quarter sequential basis. It expects this to be partly offset by an increase in corporate expense and a higher tax rate in the third quarter, which when combined will cost about $0.03 per share. In total, these items are expected to result in a net increase of about $0.04 per share on a quarter-sequential basis. The company expects earnings per share before special items to be in the range of $0.45 to $0.47.
For the full year, the company continues to expect adjusted free cash flow to be around 90% of net income. Based on this conversion rate, the company expects its adjusted free cash flow for the year to be approximately $800 million with the bulk of that coming in the second half of the year. This free cash flow phasing is consistent with prior years and the normal seasonality of its business. The company expects revenue for the full year to be in the range of $10.6 billion to $10.7 billion. From the time it originally gave its full year EPS guidance of $1.75 to $1.85, the company now has a $0.05 headwind, primarily related to changes in foreign currency exchange rates and share count. Despite these headwinds and the uncertainty in the economic environment, the company is increasing the low end of its guidance. The company now expects full year earnings per share before special items to be in the range of $1.80 to $1.85, which represents earnings per share increase of 12% to 15% over fiscal 2012 normalized base of $1.60.
During the year 2013, the company expects to return about $300 million to shareholders in dividends and the remaining will be used to fund acquisitions or repurchase shares.