Source: OmniVision Technologies.

OmniVision Technologies (NASDAQ: OVTI) reported results for the fourth quarter of fiscal year 2014 this evening, with the report leaving analyst estimates flat-footed and sending shares 19% higher after the closing bell. The stock is setting fresh multiyear highs tonight.

Wall Street estimates were looking for earnings of $0.27 per share on roughly $292 million in fourth-quarter sales.

The company delivered revenue of $331 million, a 1.4% year-over-year decline. On the bottom line, OmniVision reported non-GAAP earnings of $0.40 per diluted share. That's up from $0.31 per share in the year-ago period, and both figures were firmly ahead of analyst consensus targets.

Looking ahead, OmniVision sketched out a revenue range between $360 million and $400 million for the first quarter of fiscal year 2015. Non-GAAP earnings for this period should be roughly $0.53 per share, give or take $0.10 per share, the company said.

The current analyst view in the first quarter is for earnings of $0.29 per share on $305 million in sales. OmniVision expects to shatter these targets as well.

"We are pleased to conclude our fiscal 2014 on a high note," said OmnioVision CEO Shaw Hong in a prepared statement. "We have made meaningful progress on multiple fronts, including the diversification of our revenues into multiple geographies," he added. "We are also working on new technologies and applications in our core and emerging markets that have the potential to substantially enhance our market position over the longer term."