Varian Medical (NYSE:VAR) saw shares rise 5% after releasing 3rd quarter earnings that handily beat the Street’s expectations.
The Palo Alto, Calif.-based company reported profits of $98.9 million, or $1.04 per share, on sales of $789.4 million for the 3rd quarter.
The bottom-line shrunk 12.9% as sales grew 0.7% compared to the same quarter in 2015.
Adjusted earnings per share were $1.22, topping analysts on Wall Street’s expectations of $1.17 per share. The street was looking for sales of $779.9 million for the round, which Varian topped by more than $9 million.
Shares have risen 5% to trade at $92.94 as of 11:18 a.m. EDT.
“We generated strong gross order and revenue growth for the third quarter with substantial improvements in gross and operating margins in both our oncology and imaging components businesses. The quarter also included the booking of an order to equip a new proton therapy center in China,” CEO Dow Wilson said in a prepared statement.
CEO Wilson also released the company’s for its 4th quarter and full fiscal year 2016, expecting revenues up by 3% and non-GAAP earnings per share between $4.62 and $4.66.
