OmniVision Technologies Inc. (OVTI) Thursday reported an increase in profit for the fourth quarter, driven mainly by improved sales, with both earnings and revenues coming in ahead of analysts' estimates.
The image sensor maker also detailed a strong outlook for its first quarter, which is indicated to beat current Street expectations. Following the news, shares of OmniVision surged 24 percent in after hours trade.
Santa Clara, California-based OmniVision's fourth-quarter profit surged to $8.9 million or $0.17 per share from $2.7 million or $0.05 per share last year.
On an adjusted basis, earnings rose to $0.31 per share from $0.20 per share last year. Analysts polled by Thomson Reuters expected the company to earn $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
OmniVision's revenues for the three-month period grew to $336.2 million from $218.5 million a year ago. Analysts expected revenues of $318.93 million for the quarter.
Gross margin dropped to 17.5 percent from 22.5 percent last year.
Looking forward to the first quarter, the company expects earnings of $0.21 to $0.38 per share, adjusted earnings of $0.35 to $0.52 per share and revenues of $355 million to $390 million. Analysts currently expect earnings of $0.29 per share on revenues of $347.19 million for the quarter.
OVTI closed Thursday's trading at $15.49, up $0.43 or 2.86%, on the Nasdaq. The stock further gained $3.75 or 24.21% in after hours trade.
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