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New York, NY -- (SBWIRE) -- 09/02/2013 -- OmniVision Technologies, Inc (NASDAQ:OVTI) declared fiscal Q1 earnings hiked from previous year, as the company booked a double-digit revenue gain, however margins continued to weaken. The chip maker offered a cautious fiscal Q2 guidance.
OmniVision Technologies generated first quarter revenues of $373.7 million, up 44.8% on the year before. Revenues were up by 11.1% on the fourth quarter of last year. Despite the solid growth, analysts were looking for slightly higher revenues at $376.8 million.
GAAP net earnings came in at $23.1 million, compared to earnings of just $2.3 million last year. Diluted earnings per share came in at $0.42, compared to just four cents last year.
Non-GAAP earnings rose to $0.55 per share. While this beat consensus estimates of $0.43 per share, the earnings included a non-cash tax benefit of $8.9 million, or roughly $0.16 per share. Excluding this item, earnings fell short of consensus estimates by some four cents.
OmniVision Technologies, Inc. last session’s volume of 10.13 million shares was higher than its average volume of 1.12 million shares. The stock after opening at $15.85 hit high price of $16.45 and then closed at $15.45 by scoring -16.08%.
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