Cree Inc. Q3 Income Retreats 32%

(RTTNews) - Cree Inc. (CREE) announced a profit for third quarter that retreated compared to the same period last year.

The company said its bottom line declined to $16.94 million, or $0.17 per share. This was down from $24.73 million, or $0.22 per share, in last year's third quarter.

Analysts had expected the company to earn $0.14 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 10.4% to $366.92 million. This was down from $409.52 million last year.

Cree Inc. earnings at a glance:

-Earnings (Q3): $16.94 Mln. vs. $24.73 Mln. last year. -Earnings Decline (Y-o-Y): -31.5% -EPS (Q3): $0.17 vs. $0.22 last year. -EPS Decline (Y-o-Y): -22.7% -Analysts Estimate: $0.14 -Revenue (Q3): $366.92 Mln vs. $409.52 Mln last year. -Revenue Change (Y-o-Y): -10.4%

-Guidance: Next quarter EPS guidance: $0.16 - $0.22 Next quarter revenue guidance: $370 - $395 Mln