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Tyco Reiterates Earnings Guidance For Fiscal Years 2001 & 2002
Tyco International Ltd (NYSE-TYC, BSX-TYC, LSE-TYI) is today reiterating the earnings guidance that was disseminated during last week's analyst meeting. Tyco is comfortable with earnings per share estimates of $2.77-$2.78 for its fiscal year ending September 30, 2001, and $3.45 for fiscal 2002. These estimates are based on existing accounting rules. Upon adoption of Staff Accounting Bulletin #101, related to revenue recognition, and Financial Accounting Standards Board #142, related to goodwill amortization, the Company indicated that its estimate for fiscal 2002 will be $3.70. Comparably stated using the new accounting rules, the Company is comfortable with earnings estimates of $0.72-0.73 per share for the first fiscal quarter of 2002.
Tyco had previously outlined an earnings range of $3.20 to $3.65 per share (with $3.45 being the most likely) for fiscal 2002 depending upon the strength of the end markets for the Electronics industry. Under the new accounting rules, this range becomes $3.45 to $3.95 per share (with $3.70 being the most likely).