OmniVision 4Q and outlook trump Wall Street views

OmniVision 4th-quarter results and 1st-quarter outlook blow past analysts' expectations

Associated Press

SANTA CLARA, Calif. (AP) -- Mobile camera sensor maker OmniVision Technologies Inc. said Thursday that its fourth-quarter net income more than doubled as revenue rose strongly. The company said it benefited from cost cuts.

Its outlook was also better than expected and its shares jumped 24 percent in extended trading.

Net income in the three months to April 30 came to $8.9 million, or 17 cents per share. That compared to net income of $2.7 million, or 5 cents per share, in the same quarter a year ago.

Excluding items such as the cost of paying executives with shares, adjusted earnings came to 31 cents per share, beating the 21 cents expected by analysts polled by FactSet.

Revenue grew 54 percent to $336.2 million, also beating the $318 million expected by analysts.

The company said it expects first-quarter revenue of $355 million to $390 million, well above the $344 million analysts were looking for. It also said it foresees adjusted earnings of 35 cents to 52 cents per share. That's also above the 28 cents per share analysts had been expecting.

CEO Shaw Hong said in a statement that the results "are beginning to validate our cost reduction efforts." He said the company is still looking for more ways to cut expenses.

Shares jumped $3.70 to $19.19 in after-hours trading.

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