Varian Medical Systems (VAR) Tops Q3 EPS by 5c, Revenues Beat; Offers FY18 EPS Mid-Point Below Consensus

Varian Medical Systems (NYSE: VAR) reported Q3 EPS of $1.04, $0.05 better than the analyst estimate of $0.99. Revenue for the quarter came in at $709.1 million versus the consensus estimate of $664.42 million.

"In the third quarter, the team continued to deliver robust results, and we strengthened our leadership in radiation therapy with strong orders and revenue performance," said Dow Wilson, Chief Executive Officer of Varian. "Investment will continue to be a key driver of our long-term growth and value creation, and we made strategic investments in the quarter in R&D, Sales, and Marketing to support the company's future innovation and growth strategies"

FY18 Annual Guidance UpdatedConsidering the financial and operational performance year-to-date and the impact of currency and tariffs, fiscal year 2018 guidance is updated to the following:

• Revenue growth range of 9 percent to 11 percent
• Non-GAAP Operating earnings as a percentage of revenues range of 17.5 percent to 18.0 percent
• Non-GAAP effective tax rate of 20 percent
• Weighted average diluted shares of 93 million
• Non-GAAP Net Earnings per diluted share range of $4.43 to $4.48
• Cash flows from operations range of $475 million to $550 million

GUIDANCE:

Varian Medical Systems sees FY2018 EPS of $4.43-$4.48, versus the consensus of $4.48.

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

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