Varex Imaging Corporation (VREX) Misses Q1 EPS by 17c, Miss on Revenues; Offers FY18 EPS Guidance Below Consensus

Varex Imaging Corporation (NASDAQ: VREX) reported Q1 EPS of $0.23, $0.17 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $176 million versus the consensus estimate of $194 million.

Varex Outlook

For fiscal year 2018, including contribution from a full year of the acquired imaging business, the company reiterates its expectations for revenues to grow by 13 to 14% from the prior fiscal year.

Including the impact of the change in tax rate and additional investments, the company now expects adjusted net earnings* to be in the range of $1.82 to $1.92 per diluted share for fiscal year 2018.

Quarterly Highlights

• Revenues increased 12% to $176 million
• Gross margin was 35%
• Adjusted gross margin* was 36%
• Operating earnings margin was 8%
• Adjusted operating earnings margin* was 10%
• Net earnings were $0.30 per diluted share
• Adjusted net earnings* were $0.23 per diluted share

GUIDANCE:

Varex Imaging Corporation sees FY2018 EPS of $1.82-$1.92, versus the consensus of $1.94.

For earnings history and earnings-related data on Varex Imaging Corporation (VREX) click here.

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