Tyco Electronics reports sales increase of 16 per cent

Tyco Electronics reported results for the fiscal fourth quarter ended 24 September 2010, with a net sales increase of 16 per cent year-over-year, and 2 per cent sequentially, to $3.1bn (£1.9bn).

GAAP EPS were $0.56 (£0.35) for the quarter, compared to $0.18 (£0.11) in the prior-year period.

Included in the GAAP EPS were $0.10 (£0.06) per share related to restructuring charges and a loss on the sale of a mechatronics business.

Full-year net sales were $12.1bn (£7.5bn).

Organic sales growth was 17 per cent.

GAAP EPS were $2.32 (£1.45) for the year, compared to a loss of $6.77 (£4.22) in the prior year.