Cree Q2 Profit Up - Quick Facts

(RTTNews) - Cree, Inc. (CREE) Tuesday reported second-quarter profit of $35.7 million or $0.29 per share, up from $20.4 million or $0.18 per share in the same period last year.

Adjusted earnings for the quarter was $56.8 million or $0.46 per share. On average, 19 analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 20 percent to $415.1 million from $346.3 million last year. Analysts expected revenues of $412.46 million.

Gross margins dropped to 38.2 percent from 39.2 percent last year.

Looking ahead to the third quarter, the company has forecast earnings in the range of $0.19 to $0.26 per share, with adjusted earnings in the order of $0.34 to $0.41 per share.

Revenues are projected in a range of $390 million to $420 million. Analysts currently expect the company to report third-quarter earnings of $0.40 per share on revenues of $413.55 million.