Varian Semiconductor Beats; Issues Upside Guidance (VSEA)

Varian Semiconductor Equipment Associates Inc. VSEA reports Q3 earnings of $0.60 versus estimates of $0.58. Varian Semiconductor Equipment Associates Inc. reports Q3 revenues of $227.7 million versus estimates of $226.13 million. Revenues increased 210.3% year over year. The company also said that Q4 EPS would be in the range of $0.70 to $0.75 on revenues of $250 to $260 million; this compares to the Street consensus of $0.63 per share on revenues of $236.24 million. Gary Dickerson, chief executive officer of Varian Semiconductor, said, "We have invested in bringing to market, technology that enables our customers to address device scaling challenges. Our technology leadership is providing us with the ability to penetrate new accounts and achieve dramatic growth this year." Dickerson continued, "We are also reaching important milestones with our growth initiatives. Most notably, we launched the Solion implant product. Overall, the initial response has been very favorable with significant increased demand for demonstration tools and a growing potential customer base. We expect several production tool shipments over the coming months." Shares of VSEA are flat in the after-hours trade.