OmniVision Q1 Results Top Estimates; Guides Q2 Below Consensus

(RTTNews) - OmniVision Technologies, Inc. (OVTI) reported net income for the first quarter of $18.2 million or $0.31 per share, compared to $45.3 million or $0.78 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $28.6 million or $0.46 per share, compared to $54.4 million or $0.91 per share in the prior year quarter.

Revenues for the first quarter fell to $329.9 million from $406.5 million a year earlier.

Analysts poled by Thomson Reuters expected the company to earn $0.39 per share on revenue of $327.17 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $300 million to $330 million, earnings of $0.12 to $0.27 per share and adjusted earnings of $0.25 to $0.40 per share. Analysts currently expect the company to earn $0.45 per share on revenue of $350.14 million for the second quarter.