Varian Medical Systems Inc. (VAR) on Wednesday reported earnings that decreased by 5.1 percent in its fiscal third quarter. The results matched analysts' expectations.
The Palo Alto, California-based company said profit decreased to $107.1 million, or $1.02 per share, from $112.8 million, or $1.03 per share, in the same quarter a year ago.
Earnings, adjusted for asset impairment costs, came to $1.08 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.08.
The company said revenue rose 3 percent to $747.7 million from $726.2 million in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $766.3 million, according to Zacks.
Varian Medical Systems shares have risen $9.83, or 13 percent, to $87.52 since the beginning of the year, while the Standard & Poor's 500 index has risen 7.5 percent. The stock has climbed $15.41, or 21 percent, in the last 12 months.
This story was generated automatically by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full VAR report: http://www.zacks.com/ap/VAR