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OmniVision Technologies, Inc. (OVTI)

  • Thu, Mar. 26, 11:54 AM
    • A rumor that the Chinese consortium interested in acquiring OmniVision (OVTI +1.6%) might up its offer by $1/share to $30/share has helped the image sensor vendor move higher. Many other chip stocks are selling off for the second day in a row.
    • The consortium, led by Beijing P-E firm Hua Capital, made a $29/share non-binding buyout offer last August. OmniVision currently trades 10% below the offer price.
    | Comment!
  • 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
    • OmniVision Technologies (NASDAQ:OVTI): FQ3 EPS of $0.38 beats by $0.09.
    • Revenue of $292.3M (-17.0% Y/Y) in-line.
    • Shares +5.5%.
    • Press Release
    | Comment!
  • Wed, Feb. 25, 5:35 PM
  • Fri, Jan. 30, 4:51 PM
    • OmniVision (NASDAQ:OVTI) will report FQ3 results after the close on Thursday, February 26th. The conference call will begin at 5.00pm ET.
    • Consensus views are for EPS of $0.29 and revenue of $292.1M (-17% Y/Y).
    | Comment!
  • 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."
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  • Dec. 2, 2014, 5:37 PM
    • Top gainers, as of 5:15 p.m.: BV +8.1%. GASL +4.3%. GWRE +3.2%. REI +3.0%. DNR +2.8%.
    • Top losers, as of 5:15 p.m.: PBYI -16.9%. OVTI -5.9%. MPLX -2.8%. GOL -2.5%. UVXY -2.3%.
    | 1 Comment
  • 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
    | Comment!
  • Dec. 2, 2014, 4:24 PM
    • OmniVision Technologies (NASDAQ:OVTI): FQ2 EPS of $0.60 beats by $0.09.
    • Revenue of $394M (-0.8% Y/Y) beats by $16.1M.
    • Press Release
    | 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.
    | Comment!
  • Dec. 1, 2014, 5:35 PM
  • Dec. 1, 2014, 2:31 PM
    • With the Nasdaq down 1.4%. OmniVision (NASDAQ:OVTI) is selling off hard ahead of tomorrow's FQ2 report. Volume (843K shares) has topped a 3-month average of 630K.
    • The image sensor vendor made a new 52-week high of $28.95 on Friday. Shares +57% YTD.
    | Comment!
  • 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.
  • 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
    | Comment!
  • Aug. 28, 2014, 4:24 PM
    • OmniVision Technologies (NASDAQ:OVTI): FQ1 EPS of $0.91 beats by $0.38.
    • Revenue of $406.5M (+8.8% Y/Y) beats by $25M.
    • Shares +2.98% AH.
    • Press Release
  • Aug. 27, 2014, 5:35 PM
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Company Description
OmniVision Technologies Inc designs, develops and markets semiconductor image-sensor devices. Its main products are CameraChip image sensors and CameraCubeChip imaging devices.