Varian Medical Systems Inc. (VAR: Quote) reported net income for the first quarter of $95.3 million or $0.86 per share, compared to $90.2 million or $0.79 per share for the year-ago quarter.
On average, fourteen analysts polled by Thomson Reuters expected the company to earn $0.87 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenues for the first quarter rose 8% to $678.4 million from $625.3 million in the comparable quarter last year, while twelve analysts had a consensus revenue estimate of $676.14 million.
Looking forward to the second quarter, the company said revenues could increase by about 5% to 6% year-over-year. With the balance of restructuring charges from the enhanced retirement program, net earnings per diluted share for the second quarter should be in the range of $0.98 to $1.03. Analysts currently expect the company to earn $1.04 per share on revenue of $774.26 million for the second quarter.
For fiscal year 2013, the company continues to believe that revenues could increase by 8% to 9%. Net earnings per share for fiscal 2013 could be in the range of $4.08 to $4.16. Previously, the company expected fiscal 2013 earnings to be in the range of $4.06 to $4.16 per share.
Analysts currently expect the company to earn $4.12 per share on revenue of $3.04 billion for the fiscal year 2013.
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by RTT Staff Writer
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