21.10.2014 22:12:27

Cree Q1 Results Miss Estimates; Outlook Weak

(RTTNews) - Cree, Inc. (CREE) reported net income for the first quarter of $11.1 million or $0.09 per share, compared to $30.5 million or $0.25 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $29.6 million or $0.24 per share, compared to $47.3 million or $0.39 per share in the prior year quarter.

Revenue for the first quarter rose 9% to $427.7 million from $391.0 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.36 per share on revenue of $432.63 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $400 million to $420 million, net income of $6 million to $10 million, or $0.05 to $0.09 per share, and adjusted net income of $24 million to $29 million, or $0.20 to $0.24 per share. Analysts currently expect the company to earn $0.39 per share on revenue of $452.04 million for the second quarter.

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