GLOUCESTER — Varian Semiconductor Equipment Associates Inc. said it returned to profit in the fiscal third quarter, reversing a year-ago loss, on strong revenue growth linked to recovering demand for computer chips.
The chip equipment maker reported net income of $45.2 million, or 60 cents per share, for the three months that ended July 2. That compares with a loss of $12.5 million, or 17 cents per share, in the same quarter a year ago.
Revenue surged to $227.7 million from $73.4 million. The results topped the average estimates of analysts polled by Thomson Reuters who had forecast earnings of 58 cents per share on revenue of $226.1 million.
Looking forward, the company said it expects to earn between 70 and 75 cents per share in the fourth fiscal quarter on revenue of $250 million to $260 million. That’s well above the earnings of 63 cents per share and revenue of $236.2 million expected by analysts, on average.