UPDATE 1-Varian Semiconductor Q2 earnings soar; gives Q3 view
Thu Apr 26, 2007 5:44pm ET
(Recasts, adds Q3 outlook, post-market share movement)
April 26 (Reuters) - Varian Semiconductor Equipment Associates Inc. (VSEA.O: Quote, Profile , Research) on Thursday posted over 160 percent rise in second-quarter earnings that topped Wall Street view and gave third-quarter outlook significantly above expectations due to strong demand for its products.
Shares of the chip equipment maker rose about 16 percent to $66 in late electronic trade, after closing at $57 on the Nasdaq.
In a statement, Varian said it was exploring alternatives to reorganize the company to better align its processes with the geographic location of its customers and suppliers.
It is expected that over the long-term, the company will benefit from significant economic efficiencies, it added.
For the third quarter, Varian said it expects to earn 89 cents to 98 cents a share, on revenue of $271 million to $286 million.
Analysts were expecting earnings of 68 cents a share, excluding special items, on revenue of $240.8 million, according to Reuters Estimates.
Varian posted a higher net income of $38.4 million, or 69 cents a share, for the latest second quarter. Revenue rose 42 percent to $241.8 million.
Analysts on average were looking for earnings of 66 cents a share, on revenue of $239.1 million. (Reporting by Esha Dey in Bangalore) |
