NEW YORK (Bloomberg) — Tyco International Ltd. rose the most in more than six years in New York trading after the world's largest maker of security systems posted first-quarter profit and sales that exceeded analysts' estimates.

Tyco International climbed $3.93, or 19 percent, to $24.27 in New York Stock Exchange composite trading today. Earlier, the shares jumped 20 percent, the biggest intraday percentage increase since July 26, 2002.

Tyco announced last month that it intends to shift its headquarters from Bermuda to Switzerland, which has an established tax treaty with the US.

Sales excluding acquisitions, divestitures and currency effects fell one percent, beating the company's November forecast of as much as a 3 percent decline. Restructuring and other expenses declined from a year earlier. Tyco raised its estimate for cost-cutting charges this year to as much as $150 million from $50 million as it shrinks to cope with the slowing economy.

Better-than-expected results "were driven by substantially better operating margins", Nigel Coe, an analyst at Deutsche Bank, wrote in a note to clients. "With growth in the recurring revenue and modest backlog build, this result will likely be viewed in a favourable light." He has a "buy" rating on Tyco.

Profit from continuing operations declined 24 percent to $272 million, or 57 cents a share, from $360 million, or 72 cents, a year earlier, the Bermuda-based company said today in a statement. Revenue in the quarter ended December 26 fell 8.5 percent to $4.43 billion.

Excluding some items, Tyco International earned 61 cents a share. The average of 12 analysts' estimates compiled by Bloomberg was for 47 cents on sales of $4.39 billion. Results fell in each of Tyco's five main divisions, hurt by the strengthening US dollar and weak demand in North America and Europe.