Industrial conglomerate Tyco International Ltd posted a 53 percent drop in quarterly net profit as soft economic conditions sapped demand for its construction and control products.
But the results beat analysts' forecasts on strength in sales across the company's segments and lower costs, according to Thomson Reuters I/B/E/S. Shares of Tyco edged higher in trading before the market opened.
Tyco said on Tuesday that net income fell to $205 million, or 43 cents per share, in the fourth quarter ended on September 25 from $434 million, or 91 cents per share, a year earlier.
Earning from continuing operations, excluding special items, fell by 20 cents per share to 61 cents, beating the analysts' average forecast of 54 cents, Thomson Reuters I/B/E/S said.
Our operating results for the fourth quarter reflect good progress in reducing our overall cost structure while we continue to invest in the future growth of our businesses, Tyco Chief Executive Officer Ed Breen said in a statement.
Revenue fell 16 percent to $4.4 billion, edging past Wall Street estimates of $4.3 billion.
In premarket trading, Tyco shares rose 26 cents to $35.65.
(Reporting by Christopher Kaufman; Editing by Lisa Von Ahn)