NEW YORK (Bloomberg) ? Bermuda-based Tyco International Ltd., the world?s biggest maker of electronic connectors and security systems, said first-quarter earnings fell 7.6 percent on tax, legal and debt costs to split the conglomerate into three independent companies.

Profit from continuing operations fell to $742 million, or 37 cents a share, from $803 million, or 39 cents, a year earlier, Tyco said yesterday in a statement. Revenue in the quarter ended December 29 climbed 7.6 percent to $10.3 billion. Profit excluding some items topped analysts? estimates.

All four main segments posted higher profit and sales as electronics benefited from demand in the automotive industry and the health-care division was helped by overseas sales. Chief executive officer Ed Breen last month formally filed with regulators to split the company into three as the board seeks a higher share price, which averaged at about $27.60 last year.

?Basically, it was a strong performance across all of their segments, which bodes well for when they start trading independently,? said Whitney Tilson, Managing Partner at T2 Partners in New York, which owns about 150,000 shares. ?They want as many expenses saddled on the company now so that when they?re independent companies there will be great year-over-year comparisons. These are classic spin-off dynamics.?

Excluding break-up and other costs, Tyco earned 45 cents a share, beating estimates of 44 cents, the average from eight analysts surveyed by Bloomberg. Tyco in November said first-quarter profit, excluding some items, would rise to 42 cents to 44 cents a share. Break-up costs were 5 cents a share, and costs for a previously announced restructuring were 3 cents, Tyco said.

Shares of Tyco, run from West Windsor, New Jersey, fell 30 cents to $32.91 at 9:37 a.m. in New York Stock Exchange composite trading. They had climbed 33 percent in the past year before today.

The US Securities and Exchange Commission should complete its review of the company?s plans to split ?in the next few weeks?, Breen told investors on a conference call.

Tyco will spin off its electronics and health-care units early in the second quarter, the company said today. Breen will run the remaining company, which includes security and industrial valves.

In the electronics division, sales to the computer and communication markets slowed last quarter, though those should recover as the year progresses, Breen said in the statement.