OmniVision Technologies, Inc. (OVTI) Shares Jump On Earnings Beat


Yesterday, the Santa Clara, Calif., company reported income of $15.1 million for the quarter ended April. 30. That represents and EPS of $0.26, up from $0.17 year-over-year on net income of $8.9 million. When stock-based compensation expenses are excluded, earnings per share rose from $0.31 to $0.40.

OmniVision next quarter even better

For the current quarter, OmniVision Technologies, Inc. (NASDAQ:OVTI) had even better news for investors. The company announced that it expects adjusted earnings between $0.43 and $0.63, the lower end of that sizable range still exceeded analysts expected earnings of $0.29. The company is looking at revenues of between $360 and $400 million, again well beyond calls from The Street for sales of $305 million for the current quarter.

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While quite a rosy outlook, this represents a loss in revenue year-over-year of 1.6% falling from sales of $331 million.

OmniVision recent trading

As a result of these announcements, shares climbed 18% in after hours trading to $23.85. The stock opened today’s trading at $22.03 following yesterday’s close at $20.14.

Presently (2:49PM EDT), OmniVision Technologies, Inc. (NASDAQ:OVTI) is trading at $22.81 up $2.68 from yesterday’s close for a gain of 13.31%. The stock began 2014 trading at $16.84 and with the change in guidance for the quarter, expect it to continue to trade at its highest point in over three years.

The company has benefited for some time by providing a number of components for Apple’s iPhone but the company has been branching out in recent quarters in order to capture more of the lower-end smartphone market.