OmniVision Raises Guidance

Shares in the camera chipmaker surge.

Author:: Scott Moritz
Publish date:: Aug 25, 2005 4:42 PM EDT

OmniVision (OVTI) shares jumped late Thursday after the camera chipmaker posted solid fiscal first-quarter numbers and raised guidance.

The Sunnyvale, Calif., tech shop recorded a net income of $14.4 million, or 24 cents a share, on $96 million in sales for the quarter ended July 31. Those numbers compare with a profit of 32 cents a share on $99 million in revenue in the year-ago period. Analysts were looking for earnings of 25 cents on sales of $95 million.

Looking ahead, the company says it expects net income to increase to as much as 33 cents a share on about $115 million in sales. That's an 18% sequential growth rate. Analysts were expecting about 8% top-line growth, according to Thomson First Call.

OmniVision shares rose $1.73, or 13%, to $15.11 in postclose trading Thursday.