OmniVision Technologies Inc. (NASDAQ:OVTI) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 10.59%.
OmniVision Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 161.9% to $0.55 in the quarter versus EPS of $0.21 in the year-earlier quarter.
Revenue: Rose 44.81% to $373.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: OmniVision Technologies Inc. reported adjusted EPS income of $0.55 per share. By that measure, the company beat the mean analyst estimate of $0.43. It missed the average revenue estimate of $376.58 million.
Quoting Management: “For the first quarter of fiscal 2014, we are excited to report strong sequential revenue growth in spite of a slowdown in the smartphone market during the second half of the quarter. Nonetheless, as competition intensified in response to the market slowdown, the forecasts for some of our products were negatively affected and we did not see a sequential improvement in gross margin,” said Shaw Hong, chief executive officer of OmniVision Technologies, Inc. “We continue to pursue cost reductions across our supply chain, and market diversifications into potential growth areas such as automotive.”
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