Varian Medical Systems, Inc. announced unaudited consolidated earnings results for the first quarter ended December 30, 2016. For the quarter, the company reported revenues of $763.3 million against $757.1 million a year ago. Operating earnings were $38.4 million against $116.7 million a year ago. Earnings before taxes were $40.4 million against $118.4 million a year ago. Net earnings attributable to the company were $20.4 million or $0.22 diluted per share against $89.0 million or $0.91 diluted per share a year ago. Non-GAAP operating earnings were $106.2 million against $127.6 million a year ago. Non-GAAP net earnings were $70.3 million or $0.75 diluted per share against $97.2 million or $0.99 diluted per share a year ago. Cash flow from operations was $82 million.

The company provided earnings guidance for the second quarter and second through the fourth quarters of the fiscal year 2017. For the second quarter, they believe the company's revenues from continuing operations will grow in the range of 4% to 5% and non-GAAP earnings per diluted share will be in the range of $0.84 to $0.90. Non-GAAP earnings per diluted share from continuing operations for quarter are expected to be in the range of $2.94 to $3.06.

The company is guiding for continuing operations for the second through the fourth quarters of the fiscal year 2017. For the balance of fiscal year 2017, they believe the company's revenues from continuing operations will grow in the range of 4% to 5%, bringing revenue growth for the year to 3% to 4%. Non-GAAP earnings per diluted share from continuing operations for the second through fourth quarters of the fiscal year will be in the range of $2.94 to $3.06. The company anticipates that GAAP net earnings per diluted share for the second through the fourth quarters of the fiscal year 2017 will be in the range of $1.20 to $1.30. 

The company announced impairment charges for the first quarter ended December 30, 2016. For the quarter, the company reported impairment charges of $38.3 million.