Varian Medical Systems Projects FY16 EPS Above Estimates - Quick Facts

(RTTNews) - Varian Medical Systems (VAR) announced the company expects non-GAAP net earnings will be in the range of $4.62 to $4.66 per share for fiscal 2016. Revenues for fiscal 2016 will increase by about 3 percent over fiscal year 2015. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.58. Analysts' estimates typically exclude special items.

The company ended its third-quarter with a $3.3 billion backlog, up 5 percent from the end of the third quarter of fiscal year 2015. "We generated strong gross order and revenue growth for the third quarter with substantial improvements in gross and operating margins in both our Oncology and Imaging Components businesses," said Dow Wilson, CEO of Varian Medical Systems.

Varian's revenues totaled $789 million for the third quarter, up 1 percent from the year-ago quarter in dollars and even with the year-ago quarter in constant currency.