Cree Inc. (NASDAQ:CREE) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 15.44%.
Cree Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 52% to $0.38 in the quarter versus EPS of $0.25 in the year-earlier quarter.
Revenue: Rose 22.25% to $375 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cree Inc. reported adjusted EPS income of $0.38 per share. By that measure, the company met the mean analyst estimate of $0.38. It missed the average revenue estimate of $377.21 million.
Quoting Management: “Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets,” stated Chuck Swoboda, Cree Chairman and CEO. “Total company backlog is ahead of this point last quarter and we are targeting solid growth in LED lighting in Q1. Our new products have opened new applications, improved payback, and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100% upgrade to LED lighting.”