OmniVision Technologies Q2 Profit Down

(RTTNews) - OmniVision Technologies, Inc. (OVTI), Thursday reported second-quarter net income of $13.9 million or $0.23 per share, down from $28.0 million or $0.47 per share last year.

Adjusted earnings for the quarter were $0.37 per share, lower than last year's $0.60 per share.

Revenues for the second quarter dropped to $343.1 million from $394.0 million a year ago.

Analysts poled by Thomson Reuters expected the company to earn $0.32 per share on revenues of $315.03 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the second quarter was 21.9 percent, down from 22.0 percent last year.

"We are very pleased with our second quarter results. We have exceeded our own expectations, despite demand uncertainties in our various target markets," said CEO Shaw Hong.

Looking forward to the third quarter, the company expects adjusted earnings of $0.24 to $0.39 per share and revenues of $310 million to $340 million. Analysts currently expect earnings of $0.29 per share on revenues of $309.36 million for the third quarter.