Earnings: Tyco International profit declines 67%

May 2, 2008

Tyco International Ltd.'s fiscal second-quarter profit tumbled 67 percent because of higher production costs and the loss of substantial profits from now-discontinued operations. The diversified manufacturer, best known for its ADT alarm systems, said yesterday that its net income fell to $280 million, or 57 cents per share, in the quarter ended March 28. A year ago - before the conglomerate split into three companies to sharpen their focus - it posted net income of $835 million, or $1.66.

Magna International Inc., a large auto-parts maker, reported yesterday that first-quarter profit fell 5 percent to $207 million, or $1.78 a share, from $218 million, or $1.96 a share, a year earlier. Revenue increased 3.1 percent to $6.62 billion.

Eastman Kodak Co. said yesterday that its first-quarter loss narrowed to $115 million as it battles for a bigger slice of digital photography after navigating a drastic, four-year overhaul. Hit by rising costs for raw materials, Kodak lost the equivalent of 40 cents a share in the January-March quarter, compared with a loss of $151 million, or 53 cents a share, a year earlier.

CVS Caremark Corp said yesterday that first-quarter profit jumped 84 percent, helped by surging sales in the wake of last year's purchase of Caremark. Profit climbed to $745 million, or 51 cents per share, after preferred dividend payments in the quarter that ended March 29, up from $405.4 million, or 43 cents per share, in the prior year, the company said.