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.
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 analysts' forecasts for 54 cents.
Revenue fell 16 percent to $4.4 billion, edging past estimates of $4.3 billion.
Tyco shares have risen some 59 percent so far this year, sharply outpacing a 2 percent rise of the Dow Jones U.S. diversified industrials index <.DJUSID>.
(Reporting by Christopher Kaufman; Editing by Lisa Von Ahn)