AP NEWS

Cree: Fiscal 1Q Earnings Snapshot

October 30, 2019 GMT

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Wednesday reported a loss of $37.8 million in its fiscal first quarter.

On a per-share basis, the Durham, North Carolina-based company said it had a loss of 35 cents. Losses, adjusted for stock option expense and non-recurring costs, were 3 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.

The maker of energy-efficient lighting posted revenue of $242.8 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $240.1 million.

For the current quarter ending in January, Cree expects its results to range from a loss of 11 cents per share to a loss of 7 cents per share.

The company said it expects revenue in the range of $234 million to $240 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $244.7 million.

Cree shares have risen 12% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $48.12, a climb of 26% in the last 12 months.

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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