Fri, Feb. 27, 1:31 PM
- In addition to beating FQ3 EPS estimates (while posting in-line revenue), OmniVision (OVTI -0.2%) has guided for FQ4 revenue of $265M-$295M and EPS of $0.15-$0.31, above a consensus of $263M and $0.12.
- Strong numbers were expected in light of Apple's big Q4 iPhone sales - both OmniVision and Sony supply image sensors to Apple - and growing demand from Xiaomi and other Chinese Android OEMs.
- On the CC (transcript), CEO Shaw Hong stated mobile sales are expected to drop Q/Q in FQ4 (in-line with seasonality), but added automotive sales (boosted by design wins for rear camera systems) is expected to grow. He also declared OmniVision's new PureCel-S image sensors "open new possibilities for us to further improve our camera performance, processing speed, and allows for even thinner form factor for consumer devices."
- FQ3 gross margin was 22.1%, up 10 bps Q/Q and 450 bps Y/Y. GAAP operating expenses rose 7% Y/Y to $55M. OmniVision ended FQ3 with $512.8M in cash - that's equal to ~1/3 of its current market cap.
- FQ3 results, PR
Thu, Feb. 26, 4:22 PM| Comment!
Wed, Feb. 25, 5:35 PM
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Fri, Jan. 30, 4:51 PM
Sun, Jan. 18, 1:32 PM
- Whereas the front cameras on smartphones have historically featured resolutions of 2MP and lower, CES saw the unveiling of a slew of phones with high-res front cameras (5MP-13MP) optimized for selfie shots. OEMs also rolled out (to some social media mockery) "selfie stick" accessories that make taking shots easier, and (in Lenovo's case) a $29 selfie flash that plugs into a phone's audio jack.
- Rosenblatt's Brian Blair observes image sensor vendor OmniVision (NASDAQ:OVTI) benefits from this trend, as more powerful front cameras bring with them higher sensor ASPs and gross margins. "We expect to initially see this [trend] at the high end of the market, but we anticipate the trend will quickly filter into mid-tier models as well."
- Blair, who recently launched coverage on OmniVision with a Buy rating, expects the company to post calendar 2015 revenue of $1.4B and EPS of $1.81, well above a consensus of $1.33B and $1.54. OmniVision closed on Friday at $27.40, and has over $10/share in net cash/investments.
- For its part, OmniVision used CES to show off: 1) Image sensors containing an advanced eye-tracking software platform (provided by partner SMI). 2) A solution that pairs a 23.8MP image sensor with a high-speed (MEMS-based) autofocus from startup Wavelens. 3) A partnership with 3D imaging processor firm Intuitive to create "a reference design for building compact modules that enable 3D imaging in consumer electronics."
Dec. 2, 2014, 5:37 PM
Dec. 2, 2014, 4:47 PM
- Though it beat FQ2 estimates, OmniVision (NASDAQ:OVTI) is guiding for FQ3 revenue of $275M-$305M, below a $331.7M consensus. EPS guidance ($0.22-$0.38) is stronger, but still below a $0.33 consensus at the midpoint.
- Gross margin rose to 22% in FQ2 from 21.7% in FQ1 and 18.8% a year earlier; OmniVision attributes the gains to a mix shift towards newer products, and the sales of previously written-down inventory.
- GAAP opex +14% Y/Y to $56.7M, with R&D accounting for $34.2M. The cash balance rose by $1M Q/Q to $525.2M (equal to 38% of OmniVision' market cap).
- "Our mobile phone and automotive products continue to be the drivers behind our strong results this quarter," says CEO Shaw Hong - strong iPhone-related orders likely helped. "We are pleased with our execution in China, and with the emergence of India as a key geography for us."
- FQ2 results, PR
Dec. 2, 2014, 4:24 PM| Comment!
Dec. 2, 2014, 2:19 PM
- Down sharply on Monday, OmniVision (OVTI +5.4%) has recovered a chunk of its losses today. FQ2 results arrive after the bell.
- Today's volume (1.1M shares) is well above a 3-month average of 630K. Though not far from their 52-week highs, shares remain 8% below the $29/share price attached to a "non-binding" August buyout offer from a Chinese investor group.
Dec. 1, 2014, 5:35 PM
Dec. 1, 2014, 2:31 PM
Nov. 26, 2014, 2:52 PM
- Chip stocks are outperforming after Analog Devices (ADI +5.2%) beat FQ4 estimates and offered in-line FQ1 guidance. The Philadelphia Semi Index (SOXX +1.9%) has made new highs.
- Notable gainers include many analog/mixed-signal and telecom IC firms: TXN +3%. LLTC +2.7%. SMTC +3.1%. ISIL +3.3%. SWKS +3.7%. AVGO +2.9%. OVTI +3.2%. FSL +3.1%. EZCH +2.5%. XLNX +2.3%. ALTR +2.1%. MX +4.3%. PMCS +2.7%. BRCM +2%.
- On its CC (transcript), ADI noted its telecom equipment chip sales are holding up well in spite of weak capex, aided by the fact its dollar content for 4G base stations is "at least 20% to 30% better" than for 3G base stations. The company also mentioned its lead times were stable in FQ4.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Aug. 28, 2014, 5:21 PM
- OmniVision (NASDAQ:OVTI) is guiding for FQ2 revenue of $360M-$390M and EPS of $0.43-$0.59, in-line with a consensus of $374.5M and $0.49.
- FQ1 gross margin was 21.7%, up from 20.1% in FQ4 and 17.4% a year ago. GAAP opex +17% Y/Y to $56.3M. Cash/short-term investments rose by $73.2M Q/Q to $524.2M (compares with a market cap of $1.6B).
- Both mobile and automotive demand fueled the FQ1 beat. OmniVision says it's "ramping up multiple members" of its high-end PureCel image sensors for mobile clients.
- No update is given in the earnings release on OmniVision's review of a $29/share non-binding offer from a Chinese group led by Hua Capital. Shares are at $27.73 AH.
- FQ1 results, PR
Aug. 28, 2014, 4:24 PM| 2 Comments
Aug. 27, 2014, 5:35 PM
Aug. 15, 2014, 9:54 AM
- Baird has downgraded OmniVision (OVTI -1.8%) to Neutral a day after the company received a non-binding $29/share buyout offer from a Chinese investor group led by Hua Capital. The firm doesn't think OmniVision, which now trades at $27.67, will see a premium to Hua's offer.
- Yesterday, Needham hiked its target by $5 to $32 in response to the bid. The firm observes chip companies recently acquired by state-owned Chinese entities have seen "an average 5-10% bump from the initial bid." It also thinks a competing offer from a U.S. firm or Chinese entity is possible.
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