Tyco Profit Rises on Health Product Sales
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Security systems giant Tyco International Ltd. said second-quarter profit rose more than sixfold, helped by cost cuts and healthcare product sales.
Net income rose to $782.4 million, or 37 cents a share, from $124.3 million, or 6 cents, a year earlier. Sales climbed 12% to $10 billion.
Chief Executive Edward Breen raised his 2004 profit forecast to $1.52 to $1.58 a share before restructuring costs. His previous forecast was $1.42 to $1.52.
Shares of Tyco, based in Bermuda and run from West Windsor, N.J., rose $1.09 to $29.07 on the New York Stock Exchange.
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