Galaxy S23 Leak ChatGPT and Bing Father of Big Bang Theory 'The Last of Us' Recap Manage Seasonal Depression Tax Refunds and Identity Theft Siri's Hidden Talents Best Smart Thermostats
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

Strong sales boost Varian&#039s 4Q results

Varian Semiconductor Equipment Associates Inc. (Nasdaq: VSEA) topped analysts' estimates in its fourth quarter Thursday, earning $16.1 million, or 50 cents a share, on sales of $107.5 million.

Excluding a $22 million gain from nonrecurring royalty income and another $2 million in investment gains, Varian earned only 3 cents a share in the quarter.

However, First Call consensus was expecting a loss of 3 cents a share in the quarter.

Excluding the royalty gains, Varian's sales of $85.5 million represents a 105 percent improvement compared to the year-ago quarter when it lost $14.9 million, or 49 cents a share, on sales of $41.8 million.

For the year, Varian lost $13.2 million, or 43 cents a share, on sales of $271.9 million compared to a profit of $11.4 million, or 37 cents a share, on sales of $342.9 million in fiscal 1998.

"We continued to see a significant rise in demand for our ion implantation equipment during the quarter, and our results confirm industry forecasts that suggest continued improvement," said CEO Richard Aurelio in a prepared release. "Market trends, including interest in sub-0.18 micron, 300 millimeter and single-wafer advantages, are favorable for our new products."

Varian shares moved up to a 52-week high of 24 15/16 earlier this week after bottoming out at 8 in April.

Five of the seven analysts following the stock maintain either a "buy" or "strong buy" recommendation.

First Call consensus expects it to earn 8 cents a share in the first quarter and 71 cents a share in fiscal 2000. >