OmniVision Technologies (OVTI) Soaring in Pre market Trading On Q3 Results

Shares of Santa Clara, Calif.-based OmniVision Technologies (OVTI) advanced to $16.20 at the close yesterday in New York and have risen nearly 16% in pre-market trading Friday, after the mobile camera chipmaker reported third quarter revenue and EPS that beat the Street’s expectations.

The company reported $0.69 earnings per share for the quarter, up from $0.56 a year ago. The consensus estimate was for EPS of $0.35.

Revenue in the three months ended in January fell 17% on a y/y basis, to $352 million, compared to the consensus estimate of $326.63 million.

Note that the EPS increase is related to a one-time after-tax gain of $15.9 million, or $0.28 per share, of the company’s investment in a Chinese entity, China WLCSP Limited, which went public during the quarter, OmniVision said in a press release.

CEO Shaw Hong noted that the co.’s third quarter performance was better than expected, in terms of it reporting improvements on multiple financial metrics, including gross margin and cash position. He also said the company’s “PureCel” sensor products, which according to him have an attractive cost structure, “are gaining traction in the market” and that the company is “very excited about [its] new product lineup.”

Based on current trends, the company expects for the current quarter revenues of $275 million to $305 million, and a non-GAAP net income between $0.19 and $0.35 per share. That compares to the average estimate for $285 million and $0.22.

OVTI has an average 30 day trading volume of 3.12 million shares. The ticker has a 52wk range of $12.06 – $20.48. The company has a current market cap of $906.5 million and a P/E ratio of 11.16.

About Ron Haruni 1036 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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