Varian Medical Q1 Results Top Estimates

(RTTNews) - Varian Medical Systems (VAR) reporting net earnings for the first quarter of $93.3 million or $0.92 per share, compared to $98.0 million or $0.91 per share for the year-ago quarter.

The latest quarter results include a $11 million or $0.07 per share restructuring charge.

Revenues for the first quarter rose 4% to $737.9 million from $711.5 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.87 per share on revenue of $717.77 million for the first quarter. Analysts' estimates typically exclude special items.

Dow Wilson, CEO of Varian Medical Systems, said, "Our outlook for the full fiscal year is heavily impacted by the recent dramatic swing in currency exchange rates which we believe will significantly reduce revenues and earnings in the balance of the year. We now believe that total company revenues for fiscal year 2015 could increase by about 5 percent. With the earnings momentum of the first quarter, we believe that we can maintain our prior guidance of $4.16 to $4.26 per diluted share for the fiscal year."

For the second quarter, the company forecasts revenue growth of about 2% and earnings of $0.98 to $1.0 per share.

Analysts currently expect the company to earn $1.12 per share for the second quarter and $4.31 per share for the fiscal year 2015.