OmniVision Shares Spike Higher Following Q4 Earnings Beat
OmniVision Technologies (NASDAQ: OVTI) reported its fiscal year 2014 fourth quarter results after the market close on Thursday.
Shares of OmniVision are up as much as 11 percent in Friday's pre-market session, as the street reacts to the company beating consensus estimates on both the top and bottom lines.
The company brought in revenues for the quarter of $331 million. Despite this figure being a 1.4 percent decline from the same quarter last year, OmniVision was able to increase its non-GAAP diluted earnings per share from $0.31 in the same quarter last year to $0.40. These figures come in solidly above the analyst consensus of $292 million in revenue and $0.27 EPS.
Shaw Hong, OmniVision CEO, commented, "We are pleased to conclude our fiscal 2014 on a high note. Our financial metrics have continued to improve, with better gross margin, higher cash balance, and lower inventories."
Hong went on to explain that the company has made "meaningful progress" in its efforts to diversify its revenue into multiple geographic regions and mentioned Asia specifically. Additionally, Hong noted the company has seen "strong growth" in its automotive and security markets.
Looking ahead, the company issued guidance of $360-400 million in revenues and a GAAP earnings per diluted share between $0.29-0.49 for the fiscal 2015 first quarter.
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