Varian Medical Systems Inc. reported unaudited consolidated earnings results for the first quarter ended December 30, 2011. For the quarter, the company reported operating earnings of $128.9 million, earnings before taxes of $129.2 million and net earnings of $90.2 million or $0.79 per diluted share on revenues of $625.3 million operating earnings of $137.0 million, earnings before taxes of $137.1 million and net earnings of $96.5 million or $0.80 per diluted share on revenues of $579.9 million for the same period a year ago. First quarter cash flow from operations was $53 million with increases in inventory as well as somewhat slower connections on accounts receivables. For the second quarter of fiscal 2012, the company believes that revenues could increase by about 8% over the second quarter of fiscal 2011 total and that net earnings per diluted share could rise by 12% to 13%. The company remains confident in its growth outlook for fiscal 2012 and expects its businesses to strengthen as the year progresses with annual revenues growing by about 10% and earnings per diluted share rising by about 15%. For the fiscal year, the company expects that the tax rate will be about 30%.