Varian Medical Systems (VAR) Misses Q4 EPS by 19c; Guides Below the Street

Varian Medical Systems (NYSE: VAR) reported Q4 EPS of $1.02, $0.19 worse than the analyst estimate of $1.21. Revenue for the quarter came in at $812 million versus the consensus estimate of $846.5 million.

Varian Medical Systems sees Q1 2014 EPS of $0.76-$0.80, versus the consensus of $1.04.

"The company's major businesses generated strong quarter-over-quarter order growth following a year of investment in expanding global infrastructure and R&D," said Dow R. Wilson, president and CEO of Varian Medical Systems. "Revenues grew as expected in our Oncology Systems business while soft X-ray tube sales led to slower growth in our Imaging Components business.

"Customer financing of the Maryland proton project was not sufficiently completed to enable Varian to book revenues for the project, which would have increased net earnings for the quarter by about $0.17 per diluted share," Wilson added. "Net earnings were negatively impacted by about $0.09 per diluted share as the result of a sharp increase in the tax rate for the quarter. Gross margins declined in the quarter in our particle therapy and oncology businesses."

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

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