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Varian Medical Systems stock price
Varian Medical Systems latest news:
Varian Medical tumbles more than 6% after disappointing earnings, forecast
Varian Medical Systems Inc. shares dropped more than 6% in after-hours trading Wednesday following an earnings report that showed disappointing profit. The medical-device company reported fourth-quarter net income of $82.7 million, or 89 cents a share, on sales of $739 million, down from $747.2 million a year ago. After adjustments for restructuring and other effects, the company claimed earnings of $1.09 a share, up from $1.03 a share last year. Analysts on average had expected adjusted earnings of $1.19 a share on revenue of $741.7 million, according to FactSet, and Varian had guided for earnings of $1.15 to $1.23 a share. The company's outlook for its new fiscal year was also lower than expectations, as Varian said full-year adjusted earnings will be $4.20 to $4.32 a share on revenue of $2.72 billion to $2.78 billion. Analysts on average were forecasting adjusted earnings of $4.47 a share on sales of $2.8 billion. Varian shares fell lower than $101 in late trading after closing at $107.90.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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