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Cree: Fiscal 4Q Earnings Snapshot

August 20, 2019

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Tuesday reported a loss of $133.7 million in its fiscal fourth quarter.

The Durham, North Carolina-based company said it had a loss of $1.26 per share. Earnings, adjusted for one-time gains and costs, came to 11 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.

The maker of energy-efficient lighting posted revenue of $251.2 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $248.3 million.

For the year, the company reported that its loss widened to $375.1 million, or $3.62 per share. Revenue was reported as $1.08 billion.

For the current quarter ending in October, Cree expects its results to range from a loss of 7 cents per share to a loss of 3 cents per share.

The company said it expects revenue in the range of $237 million to $243 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $259.6 million.

Cree shares have climbed 36% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $58.24, a rise of 25% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CREE at https://www.zacks.com/ap/CREE

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