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OmniVision Posts Huge Earnings Beat

NEW YORK ( TheStreet) -- OmniVision Technologies (OVTI - Get Report) shares spiked 16.2% to $18 after the semiconductor company posted strong earnings and guided well above analysts' estimates.

OmniVision earned 31 cents per share on a non-GAAP basis, on $336.2 million in revenue. Analysts polled by Thomson Reuters were expecting earnings of 21 cents per share on $318.93 million in sales.

"In fiscal 2013, we completed a record year both in terms of revenues and unit shipments. We are proud to have exceeded a billion dollars in revenues and would like to thank our suppliers, employees and customers," said Shaw Hong, chief executive officer of OmniVision Technologies in the press release. "We believe that our reported results are beginning to validate our cost reduction efforts, and we will strive to further improve our cost structure."

For the first-quarter of fiscal 2015, the Santa Clara, Calif.-based OmniVision expects earnings between 35 cents and 52 cents per share. It expects sales to be between $355 million and $390 million in revenue. Analysts polled by Thomson Reuters are looking for earnings of 28 cents per share on $347.19 million in sales.

Shares closed the regular session sharply higher, up 2.86% to $15.49.

-- Written by Chris Ciaccia in New York

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