Radiation therapy vendor Varian Medical Systems is blaming "severe currency headwinds" for lower total revenues in the second quarter of fiscal 2015 (end-April 3).
Total revenues slipped 2% to $759 million in the second quarter, compared with $778.5 million in the second quarter of fiscal 2014. The company's net earnings, however, increased 15% to $106 million, compared with $92.7 million in the same quarter of 2014.
For the first six months of fiscal 2015, revenues inched upward slightly to $1.497 billion, compared with $1.49 billion in the same period of 2014. Varian's six-month net earnings improved by 4% to $199.3 million, compared with $190.7 million in the first six months of the previous year.
"Severe currency headwinds negatively impacted overall earnings, revenues, and gross orders" in the company's Oncology and Imaging Components businesses, CEO Dow Wilson said in a statement.
Despite the revenue slump, both product segments "improved their operating margins through good cost containment measures," he added.
