Varian Medical Systems (VAR) Tops Q1 EPS by 5c

Varian Medical Systems (NYSE: VAR) reported Q1 EPS of $0.99, $0.05 better than the analyst estimate of $0.94. Revenue for the quarter came in at $757 million versus the consensus estimate of $746.56 million.

GUIDANCE:

Varian Medical Systems sees Q2 2016 EPS of $1.06-$1.10, versus the consensus of $1.12.

"Company revenues and earnings came in ahead of expectations for the first quarter," said Dow Wilson, CEO of Varian Medical Systems. "Revenue growth was driven by our Oncology Systems and Particle Therapy businesses while the Imaging Components business continued to experience expected pressures on revenues. Our earnings performance was helped by our revenue growth as well as strong SG&A cost controls and an R&D tax credit."

The company finished the first quarter of fiscal year 2016 with $953 million in cash and cash equivalents and $728 million of debt. Cash flow from operations was $77 million for the first quarter. During the quarter, the company spent $192 million to repurchase about 2.4 million shares of common stock.

For earnings history and earnings-related data on Varian Medical Systems (VAR) click here.

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