OmniVision FY Q1 Revs, EPS Blow Away Estimates; Q2 Guidance Far Above Street

Kaboom! That was the sound of OmniVision (OVTI) blowing away the Street estimates for the company’s fiscal first quarter ended July 31.

The image sensor maker reported revenue for the quarter of $173.1 million, above the Street consensus of $160.25 million. Pro forma EPS was 35 cents, almost twice the consensus of 18 cents.

For the second quarter, the company sees revenue of $210 million to $230 million, and pro forma EPS of 34-46 cents; the Street has been at $170 million and 22 cents.

The company said it continues to see “very strong demand” for both 2 megapixel sensors and VGA sensors. OmniVision also said it expects an acceleration in the transition to higher-resolution sensors, “shortening the cycle times between transitions.”

You’d think the stock should be rocking. But it isn’t it, perhaps because the Street had been expecting a big beat-and-raise quarter. In after hours trading, OmniVision is down 10 cents at $19.81.

UPDATE: Actually, the stock is moving higher; OVTI is now at $21.80, up $1.89 from the regular session close.