Boston, MA 05/30/2014 (wallstreetpr) – Developer of advance digital imaging solutions, OmniVision Technologies, Inc. (NASDAQ:OVTI) announced an upbeat guidance for the first quarter that came in well above the Wall Street analysts’ estimations. The company delivered fourth quarter earnings and revenues that was also more what the analysts’ had predicted.
Outlook
The company sees earnings for the first quarter of the fiscal year 2015 to be 29 – 49 cents a share while it is projecting adjusted earnings of 43 – 63 cents a share. OmniVision Technologies expect revenues between $360 and $400 million during the same period.
On average, analysts predicted the company to earn a profit of 29 cents a share on revenues of $304.87 million.
4Q Results
OmniVision Technologies, Inc. (NASDAQ:OVTI) reported a profit of $15.1 million, up 69.7% from $8.9 million and the earnings surged 52.9% to 26 cents a share from 17 cents a share in the year earlier quarter. On an adjusted basis too, profit advanced 36.6% to $23.9 million from $17.5 million and the earnings grew 29% to 40 cents a share from 31 cents a share in the year-ago quarter. On average, analysts expected the company to earn 27 cents a share.
Revenues slackened 1.6% to $331 million from $336.2 million in the previous year quarter. Street analysts, on average, predicted OmniVision Technologies to generate revenue of $291 million.
Other Metrics
The company’s results were benefited by improved gross margin to 20.1% from 17.5% in the year earlier period and 19.6% in the preceding quarter. The company attributed the sequential growth to the launch newer products as well as lower cost of products in its shipment mix.
OmniVision Technologies, Inc. (NASDAQ:OVTI) CEO Shaw Hong said that the company is working on newer applications and technologies in its core as well as emerging markets, which have the potential significantly to increase its market position in the long-term.
The company closed the quarter with cash, short-term investments and cash equivalents of about $450.9 million.
