SANTA CLARA, Calif. (AP) — OmniVision Technologies Inc. reported a smaller fiscal second-quarter profit on Tuesday, as fewer customer orders led to a drop in revenue and the image sensor maker’s expenses increased.
Management said it was disappointed by the company’s financial performance during the quarter and issued third-quarter earnings estimates that fell short of Wall Street expectations.
The company’s shares tumbled more than 11 percent in aftermarket trading.
OmniVision said net income slid to $21.1 million, or 35 cents a share, for the three months ended Oct. 31. That compares with net income of $28.9 million, or 50 cents a share, in the prior-year quarter.
The latest results included a one-time gain of about $8.6 million related to the company’s acquisition of the CameraCube production operations from VisEra Technologies Co. Ltd.
Excluding special items, OmniVision’s earnings amounted to 48 cents a share, the company said.
Revenue fell to $217.9 million from $239.5 million a year earlier.
Analysts’ consensus forecast called for earnings of 32 cents a share on $214.5 million in revenue, according to FactSet.
The company’s operating expenses climbed to $47.1 million during the quarter, up from $35.6 million in the prior-year period.
OmniVision expects third-quarter earnings per share, excluding one-time items, will range from 5 cents to 17 cents. It also anticipates revenue between $160 million and $180 million.
Analysts have forecast adjusted third-quarter earnings of 26 cents a share on $199.1 million in revenue.
OmniVision shares fell $1.29, or 11.5 percent, to $9.90 in aftermarket trading. The stock slipped 53 cents, or 4.5 percent, to $11.19 during the regular session.