***OVTI ($25~$30~_)Blowout Quarter at OmniVision
thestreet.com
By TSC Staff
2/18/2004 5:58 PM EST
Sunnyvale, Calif., chipmaker OmniVision (OVTI:Nasdaq - commentary - research) was a major winner in Wednesday's after-hours session, vaulting almost 20% after reporting third-quarter earnings that blew away per-share estimates by a cool 15 cents.
The company earned $17.3 million, or 57 cents a share, on revenue of $94.5 million in the latest quarter, compared with earnings of $4.6 million, or 18 cents a share, on revenue of $30.5 million a year ago. The per-share numbers are before a recent stock split.
Analysts surveyed by Thomson One Analytics had been forecasting earnings of 42 cents a share on revenue of $77 million. For the current fourth quarter ending April 30, the company expects to earn a split-adjusted 30 cents or 31 cents a share on revenue of $96 million to $100 million. Analysts had been forecasting a split-adjusted 21 cents a share and revenue of $77.4 million, according to Thomson One.
The good news sent the shares up $4.97, or 19.4%, to $30.60 in after-hours Instinet trading. The stock closed normal trading Wednesday at $25.63, up 73 cents, or 2.9%. The 52-week high is $33.83.
The company's gross profit was $36.3 million in the latest quarter, or 38.4% of revenue, compared with $11.5 million last year, or 37.8% of revenue. About 80% of its revenue in the most recent quarter was direct sales to original equipment manufacturers and value-added resellers. |
