reported first-quarter earnings of $1.20 a share, beating the
First Call/Thomson Financial
consensus estimate by 24 cents and trouncing year-ago earnings of 16 cents.
The semiconductor designer and maker said revenue more than doubled to $228 million from $110 million in the same quarter last year. Net earnings for the quarter rose to $40.1 million from $5.3 million in the year-ago period.
The Gloucester, Mass., company warned
earlier this month that it expected an annual revenue increase of about 10% year-over-year, a view that mirrored the not-so-rosy outlook coming from many other companies in the semiconductor sector. In the short term, Varian expects revenue for the second fiscal quarter to grow about 15% above the year-ago figure, which was $156.2 million.
Varian lost 44 cents in regular session activity on the
, where it closed at $25.81. Things were looking up in
after-hours trading, where the company traded at $27.