Varian Medical Systems 3rd-quarter net income falls 5.1 percent

MarketsAssociated Press

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.

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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

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Keywords:Varian,Earnings Report