NEW YORK (Reuters) - Industrial conglomerate Tyco International Ltd posted a 40 percent decline in quarterly net profit that beat Wall Street forecasts, helped by revenue from services, which now account for 40 percent of total sales.
Net earnings fell to $287 million, or 60 cents per share, in the third quarter ended June 26 from $476 million, or 98 cents per share, a year earlier.
Earnings from continuing operations were 58 cents a share, excluding special items. On that basis, analysts expected 45 cents, according to Reuters Estimates.
Revenue fell 19 percent to $4.24 billion, compared with Wall Street forecasts for sales of $4.28 billion.
Tyco, which this year reincorporated from Bermuda to Switzerland and lost its spot in the S&P 500 index <.SPX>, did not immediately update its full-year profit forecast.
(Reporting by Nick Zieminski; Editing by Lisa Von Ahn)
