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Varian Semiconductor Easily Beats First-Quarter Estimates

Varian Semiconductor

(VSEA)

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.

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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

Nasdaq

, where it closed at $25.81. Things were looking up in

Island

after-hours trading, where the company traded at $27.