Varian Medical Systems Q2 Profit Beats Estimates; Revenues Up 1%

(RTTNews) - Varian Medical Systems (VAR) reported second-quarter net earnings of $92.7 million or $0.88 per share, compared to $112.8 million or $1.02 per share, previous year. The company noted that its results for the quarter include a $0.16 charge per share related to a previously announced settlement of patent litigation.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.03 for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $778.5 million from $768.4 million. Analysts expected revenue of $772.84 million for the quarter. For the fiscal year, the company continues to believe that total company revenues could increase by about six to eight percent. The company expects net earnings per share for the fiscal year, including the $0.16 effect of the patent litigation settlement, to be in the range of $4.06 to $4.18. Analysts expect the company to reprt fiscal year profit per share of $4.30.

The company expects total company revenues for the third quarter to increase in the range of five to six percent. The company expects net earnings per share for the third quarter to be in the range of $1.06 to $1.10. Analysts expect the company to report third-quarter profit per share of $1.13.