VSEA posts horrible quarterly results!!!
Tuesday April 24, 5:12 pm Eastern Time
Varian Q2 earnings drop 13 pct
GLOUCESTER, Mass., April 24 (Reuters) - Varian Semiconductor Equipment Associates, Inc. (NasdaqNM:VSEA - news) on Tuesday reported that second-quarter earnings fell 13 percent, missing Wall Street estimates, due to higher new product costs and deteriorating market conditions.
The Gloucester, Mass.-based company -- which also announced plans to cut 10 percent of its workforce to reduce costs -- said net earnings for the quarter to March 31, 2001, were $17.9 million, or 53 cent per diluted share, compared with $20.6 million, or 61 cents per share, a year earlier.
Analysts polled by research firm Thomson Financial/First Call had forecast the company would post second quarter earnings of 60 cents a share. Varian said second-quarter revenue rose 11 percent to $173 million from $156 million in the previous year's same quarter.
Looking ahead, the company expected third-quarter revenue to decline by about 25 percent from the same quarter last year, citing persistent pressure on margins.
Varian shares ended Tuesday down 6.53 percent, or nearly $3, at $40.77. |
