UPDATE - Varian Semi quarterly profit more than doubles
Thursday April 29, 5:19 pm ET
(Adds outlook, analyst expectations, stock price)
SAN FRANCISCO, April 29 (Reuters) - Varian Semiconductor Equipment Associates Inc. (NasdaqNM:VSEA - News), a producer of microchip-making equipment, on Thursday said its quarterly profit more than doubled amid growing demand from chip makers.
In the Gloucester, Massachusetts' based company's fiscal second quarter, Varian said net profit rose to $14 million, or 38 cents a share, compared with a profit of $5.5 million, or 16 cents, a year earlier. Revenue rose to $127.3 million from $111.2 million a year earlier.
Varian also forecast third quarter profit of 45 cents to 53 cents a share on revenue of $138 million to $148 million. Analysts, on average, had expected earnings of 49 cents on revenue of $144.5 million, according to a poll of analysts by Reuters Research, a unit of Reuters Group Plc.
Shares of Varian fell $2.23, or 6 percent, to $34.38 on Nasdaq. In after-hours trading, the shares slid to $34.32. |
