Cree Q1 Profit Rises - Quick Facts

(RTTNews) - Cree, Inc. (CREE) reported first-quarter net income of $30.50 million or $0.25 per share, compared to $16.12 million or $0.14 per share, last year. Adjusted income for the quarter was $47.33 million or $0.39 per share.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.39 for the quarter. Analysts' estimates typically exclude special items.

Revenue rose to $391.01 million, from $315.75 million, a year ago. Analysts expected revenue of $392.31 million for the quarter. For its second quarter of fiscal 2014, Cree targets revenue in a range of $400 million to $420 million. GAAP net income is targeted at $26 million to $32 million, or $0.21 to $0.26 per share. Non-GAAP net income is targeted in a range of $44 million to $50 million, or $0.36 to $0.41 per share. Analysts expect the company to report second-quarter profit per share of $0.44 on revenue of $414.29 million.