Tyco Revenue Grows 13 Per Cent – US40.2 Billion For 2004
Included in EPS were net charges totaling $0.23 per share consisting of $0.11 per share for early retirement of debt, $0.05 per share from the restructuring program and $0.07 per share from divestitures.
Revenue grew 13 percent to $10.4 billion, with organic revenue growth of 7 percent in the quarter. Net income was $454 million, compared with a net loss of $297 million in the fourth quarter of 2003. <?xml:namespace prefix = o ns = “urn:schemas-microsoft-com:office:office” />
Cash flow from operating activities totaled $1.4 billion and the company had free cash flow of $1.4 billion in the quarter. Both were reduced by approximately $400 million due to voluntary pension contributions.
For the full year, the company had revenue of $40.2 billion, with organic revenue growth of 5 percent. Diluted GAAP EPS was $1.35 per share compared with $0.49 per share in 2003.
Cash flow from operating activities totaled $5.4 billion and the company had free cash flow of $4.8 billion for the year. Both cash flow measures were reduced by approximately $575 million of voluntary pension contributions.
“Our results this quarter were a strong finish to a year of important operational progress for Tyco,” said Chairman and Chief Executive Officer Ed Breen. “Over the course of 2004, we experienced good growth in revenue, we expanded our margins and we used our strong cash flow to further strengthen Tyco’s balance sheet.”