NEW YORK (AP) -- Shares of Varian Semiconductor Equipment Associates Inc. retreated Friday, though the company posted solid fiscal fourth-quarter results and a better-than-expected outlook.

Late Thursday the chip equipment maker said it more than quadrupled its net income for the quarter, but it was due to cost cuts -- its revenue declined.

For the coming quarter, Varian said it expects to earn 15 cents to 20 cents per share on revenue of $134 million to $144 million. Analysts forecast a profit of 16 cents per share on sales of $135 million, according to a poll by Thomson Reuters.

Though investors sent shares more than 6 percent lower Friday, analysts were pleased with the quarter's results and the forecast. Steve O'Rourke of Deutsche Bank raised his target price to $24 from $20 and kept a "Hold" rating on the stock. He noted that solid quarterly results from Samsung "potentially meaningful increase in memory spending next year," which would benefit Varian.

He said he is keeping his rating at "Hold" because of a risk to memory spending not increasing.

Stifel Nicolaus analyst Patrick Ho called Varian "one of the most fundamentally sound companies in the equipment space" and kept a "Buy" rating on the stock.

"While the company is benefiting from a broad industry recovery, we believe it is also well positioned in terms of its long term growth opportunities in new markets," he wrote in a note to investors.

The company's shares fell $2.08, or 6.8 percent, to $28.60 in afternoon trading. In the past 52 weeks, the stock has traded between $14.05 and $33.74.