NEW YORK (AP) -- Tyco Electronics Ltd. said Wednesday it lost $3.24 billion in its second quarter as it absorbed a huge write-off to account for plunging sales in its electronics components and specialty products segments.
But its results excluding the charge beat Wall Street expectations. The company also offered third-quarter earnings guidance that was below analysts' estimates.
Tyco said it loss amounted to $7.07 per share, in the three months ended March 27 compared with a profit of $301 million, or 62 cents per share, a year earlier
The latest results include one-time impairment charges of $7.22 per share, leaving the Bermuda-based company's adjusted earnings per share at 14 cents.
Analysts polled by Thomson Reuters expected, on average, a profit of 4 cents per share. Such estimates typically exclude one-time charges.
Overall revenue declined by a third to $2.46 billion from $3.66 billion. Analysts expected $2.39 billion. Electronics components sales were down 45 percent, while specialty products sales fell 21 percent.
"As expected, business conditions were weak across most of our end markets," said Tyco Electronics Chief Executive Officer Tom Lynch.
"We had strong cash flow during the quarter, generating more than $380 million of free cash flow, driven primarily by working capital reductions and lower capital spending."
In premarket trading, shares fell 39 cents, or 2.3 percent, to $16.88.