Tyco Electronics Reports Q3 Loss of $1.37B
Published: 08 August 2007
by Staff
PEMBROKE, BERMUDA – Tyco Electronics Ltd. reported a loss of $1.37 billion in the third quarter, mostly as a result of a class action settlement and separation costs.
Revenue was $3.41 billion, an increase of 6.4% year-over-year.
The company’s operating loss included $891 million related to the company's share of Tyco International's securities class action litigation settlement and $50 million of separation-related costs.
Restructuring costs were $28 million, up 93% from the same period last year.
Excluding costs for the shareholder settlement, expenses for the split and planned restructuring, profit was $461 million, on par with the third quarter last year.
The company expects fourth quarter revenue growth between 3% and 5%.
