Industrial conglomerate Tyco International Ltd posted a net $2.57 billion net loss, reflecting large charges to revalue its assets in light of a weak economy, but earnings excluding special items beat Wall Street expectations.

Tyco posted a net loss of $2.57 billion, or $5.42 per share, in the second quarter ended March 27, compared with a year-earlier profit of $280 million, or 57 cents per share.

Earnings from continuing operations before special items were 55 cents a share, ahead of the 41 cents analyst expected, according to Reuters Estimates.

Revenue fell 15 percent to $4.15 billion, partly reflecting a strong U.S. dollar, compared with Wall Street forecasts for sales of $4.25 billion.

The company did not immediately update its full-year outlook.

(Reporting by Nick Zieminski; Editing by Lisa Von Ahn)