Varex Imaging Corporation (NASDAQ: VREX) reported Q3 EPS of $0.34, $0.17 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $191 million versus the consensus estimate of $196.88 million.

Quarterly Highlights

• Revenues increased 12% to $191 million
• Gross margin was 33% | Adjusted gross margin* was 35%
• Operating earnings margin was 4% | Adjusted operating earnings margin* was 10%
• Net earnings were $0.10 per diluted share | Adjusted net earnings* were $0.34 per diluted share

"Our third quarter revenues increased more than $20 million from the prior year due primarily to increased sales of high-end radiographic digital detectors and products for the security and oncology markets," said Sunny Sanyal, Chief Executive Officer of Varex Imaging Corporation. \"Despite this increase, revenues were lower than expected due to normal fluctuations in the timing of customer shipments, as well as late in the quarter softness that appears to be tied to tariff uncertainty. While the ramp-up of CT tube shipments to our Chinese OEM customers has been slower than planned, shipments have begun and we continue to believe in our long-term growth prospects."

GUIDANCE:

Varex Imaging Corporation sees FY2018 EPS of $1.30-$1.35, versus the consensus of $1.84. Varex Imaging Corporation sees FY2018 revenue of $755-765 million, versus the consensus of $794.43 million.

For earnings history and earnings-related data on Varex Imaging Corporation (VREX) click here.

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