Varian Medical Q2 Profit Tops Estimate

(RTTNews) - Varian Medical Systems, Inc. (VAR) reported net income for the second quarter of $106.0 million or $1.05 per share, compared to $92.7 million or $0.88 per share for the year-ago quarter.

The year-ago quarter results included a $0.16 per share charge related to the settlement of patent litigation.

Revenues for the second quarter fell 2% to $759.4 million from $778.5 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.00 per share on revenue of $799.66 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company expects revenues to be about equal to the prior-year period in dollars and up about 4% in constant currency, earnings per share to be in the range of $0.90 to $0.94.

For the fiscal year 2015, the company now expects revenues to increase by about 1% to 2% in dollars and by about 5% in constant currency and earnings to be in the range of $4.02 to $4.14 per share. Previously, the company forecast fiscal 2015 earnings of $4.16 to $4.26 per share.

Analysts currently expect the company to earn $1.10 per share for the third quarter and $4.25 per share for the fiscal year 2015.