OmniVision Technologies Inc. (OVTI: Quote) reported third-quarter net income attributable to the company of $0.11 million or breakeven per share, sharply down from $44.72 million or $0.75 per share in the prior-year quarter.
Excluding stock-based compensation expenses and related tax effects, adjusted net income attributable to OmniVision plunged to $7.40 million or $0.13 per share from $50.99 million or $0.84 per share in the year-ago quarter.
On average, ten analysts polled by Thomson Reuters expected earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter dropped to $185.19 million from $265.68 million in the same quarter last year, while ten Wall Street analysts had a consensus estimate of $175.90 million.
Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of $0.15 to $0.28 per share, on anticipated revenues between $195 million and $215 million.
Analysts currently expect earnings of $0.10 per share, on revenues of $170.66 million for the fourth quarter.
Click here to receive FREE breaking news email alerts for OmniVision Technologies Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org