VSEA ($31-$29) P/E 8.. Misses by 4 cents, warns for current quarter.
Tuesday July 24, 5:31 pm Eastern Time
Varian Q3 net off,sees Q4 performance below breakeven
NEW YORK, July 24 (Reuters) - Varian Semiconductor Equipment Associates Inc. (NasdaqNM:VSEA - news) on Tuesday reported a nearly 90 percent drop in earnings for its fiscal third quarter and said it expects ``below breakeven'' performance in the fourth quarter due to continued weakness across the semiconductor industry.
The maker of tools used in the production of microchips reported net income for the period ended June 29 of $3 million, or 8 cents per share, compared with $28 million, or 82 cents per share, a year earlier.
Revenues declined 34 percent to $127 million from $193 million in the year-ago period, the company said in a statement.
For the fourth-quarter, Gloucester, Massachusetts-based Varian said it sees a decline in revenue of between 60 to 70 percent over last year's levels, resulting in below breakeven performance for the period. Sales for the full year should be about 10 to 13 percent below 2000 levels, the company said. |
