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OmniVision Q3 Profit Plunges; Shares Up 12% On Rosy Outlook - Quick Facts

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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.

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by RTT Staff Writer

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