Tyco 1Q adj. profit meets Wall Street's view

NEW YORK (AP) -- Tyco's international's first-quarter net income declined 49 percent compared with last year, when the Swiss fire protection and security company reaped huge gains from the break-up of its business. Adjusted results were in line with expectations.

For the period ended Dec. 28, Tyco International Ltd. earned $163 million, or 34 cents per share. That's down from $322 million, or 69 cents per share, a year earlier.

The year-ago period included 48 cents per share from discontinued operations. In September 2012 the company completed its plan to split into an ADT North America residential security business and separate companies for flow control products and commercial fire and security.

Removing restructuring charges, separation costs and other items, earnings from continuing operations were 40 cents per share.

The performance was in line with predictions from analysts polled by FactSet.

Revenue increased 5 percent to $2.6 billion from $2.48 billion, buoyed by acquisitions. Revenue climbed across its business segments.

Wall Street forecast $2.57 billion in revenue.