OmniVision skids as 3Q guidance disappoints

OmniVision slides as 3rd-quarter revenue forecast falls short of Wall Street estimates

Associated Press

NEW YORK (AP) -- NEWS: OmniVision Technologies said Tuesday its net income more than doubled in the fiscal second quarter, but its shares slumped after the company's guidance fell short of Wall Street expectations.

DETAILS: OmniVision makes image sensors used in mobile phones, webcams, surveillance systems, as well as automotive and medical imaging systems. The company's revenue improved, but it said demand is still "volatile."

NUMBERS: OmniVision said its net income rose to $26.3 million, or 47 cents per share, from $10.3 million, or 19 cents per share. Excluding one-time items the company said it earned 60 cents per share. Revenue grew 2 percent, to $397.2 million from $390.1 million.

Analysts expected income of 43 cents per share and $392.1 million in revenue. The company's fiscal second quarter ended Oct. 31.

FUTURE: The Santa Clara, Calif., company expects to earn between 28 and 44 cents per share in the third quarter if one-time costs are excluded. It forecast $310 million to $340 million in revenue.

Analysts are projecting income of 43 cents per share and $399.5 million in revenue on average.

STOCK: OmniVision shares were unchanged at $15.99 Tuesday, and lost $2.22, or 13.9 percent, to $13.77 in after-hours trading.

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