OmniVision Results Top Estimate, Q3 Outlook Weak; Stock Down 3%

(RTTNews) - OmniVision Technologies Inc. (OVTI), a developer of advanced digital imaging solutions, Tuesday reported second-quarter net earnings of $28 million or $0.47 per share compared with $26.3 million or $0.47 per share last year.

Excluding items, adjusted earnings for the quarter were $0.60 per share.

Revenues for the quarter were $394 million compared with $397.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.51 per share on revenues of $378 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter rose to 22% from 18.8% last year.

For the third quarter, the company expects adjusted earnings of $0.22 to $0.38 per share on revenues of $275 million to $305 million. Analysts expect earnings of $0.33 per share on revenues of $331.7 million.

OVTI closed Tuesday at $26.78, up $1.60 or 6.35%, on a volume of 1.6 million shares on the Nasdaq. In after hours, the stock dropped $0.88 or 3.29%.