(NYSE:TYC - news) said its fiscal second-quarter profit rose 47 percent to 50 cents per diluted share before one-time adjustments, matching Wall Street forecasts.

Pembroke, Bermuda-based Tyco -- whose businesses range from medical supplies to fire-detection equipment -- said income climbed to $853.6 million in the quarter ended March 31 from $567.8 million, or 34 cents per diluted share, in the year-earlier period.

Sales rose 35 percent to $7.07 billion from $5.24 billion a year earlier.

Including a $12.7 million credit from a revision of restructuring costs and a $10.4 million charge for "restructuring and impairment'' related to closing its interventional cardiology business, the company said its earnings per share were $855.9 or 50 cents per diluted share.

"Business overall at Tyco is excellent and our outlook is very, very strong,'' said L. Dennis Kozlowski, the company's chairman.

"We continue to see strong performance across all our business lines.'' He said he was comfortable with analysts' expectations for the company's results. "We expect to be able to deliver outstanding results in the coming quarters,'' Kozlowski said.

Analysts on average had forecast that Tyco, which has operational headquarters in Exeter, New Hampshire, would earn 50 cents a share in its latest quarter, according to First Call/Thomson Financial.

Although the earnings matched the Wall Street forecast, Tyco's stock fell. In mid-afternoon trading the shares were down 2 1 at 43 1 .

The shares have been battered in recent months, falling as low as 25 after an analyst questioned the company's accounting practices and the US Securities and Exchange Commission launched an informal inquiry into charges and reserves taken by Tyco in the course of some acquisitions.

"The quality of the numbers was fabulous,'' said Phua Young, an analyst with Merrill Lynch Global Securities. He said internal sales growth was 19 percent, well ahead of the 10 to 12 percent Tyco had said would be sustainable going forward.

Young said the stock remains his top pick. He is not changing his full-year earnings estimate of $2.13 per share. His 12-18 month price target on the shares is $95.

Tyco said each of its main businesses had strong internal growth in the quarter and generated positive free cash flow. It said this trend would probably continue for the rest of the fiscal year.

Tyco lists telecommunications and electronics, health-care and specialty products, fire and security services, and flow-control products and services as its main business lines.