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TRENTON, N.J. (AP) - Industrial manufacturing conglomerate Tyco International Ltd., which is planning on splitting into three separate companies, said Tuesday its second-quarter profit slipped 7 percent as higher overhead and separation costs offset revenue growth.
Net income in the quarter ending March 30 declined to $835 million, or 41 cents per share, from $895 million, or 43 cents per share, a year ago.
Profit from continuing operations totaled 49 cents per share in the latest quarter, excluding 7 cents of separation and restructuring costs. The company said earnings were hurt by higher costs of materials — primarily copper — and modestly higher investment in research and sales.
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