OmniVision Technologies Q3 Profit Rises; Issues Q4 Outlook

(RTTNews) - OmniVision Technologies, Inc. (OVTI) Thursday reported third-quarter net income of $30.6 million, or $0.54 per share, compared to $21.3 million, or $0.40 per share in the comparable quarter last year.

Adjusted earnings for the latest third quarter was $40.4 million, or $0.69 per share, up from $31.5 million, or $0.56 per share in the prior year quarter. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues declined to $352.02 million from $423.51 million in the same period last year, while eleven analysts expected revenues of $326.96 million.

Looking ahead to the fourth quarter, the company has forecast earnings in the range of $0.05 to $0.21 per share, adjusted earnings in the range of $0.19 to $0.35 per share and revenues in a range of $275 million to $305 million. Analysts currently expect the company to earn $0.22 per share on revenues of $284.34 million for the fourth quarter.