By Lisa Beilfuss 

Tyco International Ltd. said profit fell 19% in its latest quarter and again cut its outlook for the year, as the stronger dollar continues to pressure the company's top line.

The Cork, Ireland-based fire-protection and security systems company, which moved its headquarters late last year to "business friendly" Ireland from Switzerland, does more than half its business outside of the U.S. The stronger U.S. dollar makes its products more expensive abroad, and, like other companies that generate a significant amount of revenue overseas, its top line has been under pressure.

In January, the company said it expected foreign exchange to shave 16 cents a share of off full-year profit, more than double its earlier estimate. On Friday, Tyco further cut its earnings projection for the year--this time citing the decline in the oil and gas markets in addition to adverse foreign exchange effects. The company now sees $2.23 to $2.27 in per-share profit, down from its previous range of $2.30 to $2.40. Analysts had expected $2.33 in full-year earnings.

At the beginning of the year, Chief Executive George Oliver said the company was partially offsetting the adverse foreign exchange impact with benefits from recent acquisitions and additional productivity. On Friday, Mr. Oliver said the company is investing to expand its capabilities and technology while trying to streamline operations in the face of challenging conditions.

Tyco also gave a downbeat forecast for the current quarter. The company expects to earn 55 cents to 57 cents a share, before special items like restructuring charges and a loss on a divesture. Analysts polled by FactSet have projected fiscal third-quarter earnings of 65 cents a share and revenue of $2.64 billion.

In all, Tyco reported profit of $167 million, or 43 cents a share, down from $207 million, or 41 cents a share, a year earlier. Excluding items, per-share profit 55 cents, up from 47 in the previous year's quarter.

Revenue fell 2% to $2.43 billion. Excluding the negative currency impact, Tyco said revenue rose 4% from a year ago.

Analysts polled by FactSet were looking for 49 cents in per-share profit and $2.439 billion in revenue. Organic revenue rose 2%, led by a 7% increase in the global products segment.

Revenue in the company's North America installation segment, which represents 39% of the top line, rose about 1% to $944 million. A weaker Canadian dollar offset organic growth, Tyco said. Installation services outside of the U.S. dropped 9.5% to $847 million. The company said organic growth was flat and that the segment was hit by an 11% currency impact. Revenue from its global products business rose 5.6% to $639 million.

On Friday, Tyco said its board approved plans to raise its quarterly dividend 14% to 21 cents a share.

Shares, down 2% this year through Thursday's close, were inactive in pre-market trading.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

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