Cree Earnings: Investors Happy, Shares Jump
Cree Inc. (NASDAQ:CREE) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of Cree. Shares are up 14.40%.
Cree Inc. Earnings Cheat Sheet
Results: Net income increased 205.46% to $36.9 million (32 cents per diluted share) in the quarter versus a net gain of $12.08 million in the year-earlier quarter.
Revenue: Rose 13.87% to $346.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cree Inc. reported adjusted net income of 32 cents per share. By that measure, the company beat the mean analyst estimate of $0.3. It beat the average revenue estimate of $331.2 million.
Quoting Management: “Fiscal Q2 was another strong quarter with record revenue and earnings per share that were higher than our target range due to stronger sales in both LEDs and Lighting combined with improved gross margins,” stated Chuck Swoboda, Cree Chairman and CEO…