Cree Plunges After Q4 Results (CREE)
Cree (NASDAQ: CREE) released its fourth-quarter earnings report after the closing bell on Tuesday.
The company reported adjusted EPS that was in-line with analysts' consensus estimates and revenue that was below expectations. In late trading, the stock was last down more than 15 percent to $64.11.
"Our fiscal fourth quarter was a strong finish to a great year, with record revenue and good earnings growth in line with our targets," stated Chuck Swoboda, Cree Chairman and CEO. "Total company backlog is ahead of this point last quarter and we are targeting solid growth in LED lighting in Q1. Our new products have opened new applications, improved payback, and fueled growth in LED lighting. We remain focused on driving mass adoption and our goal of 100% upgrade to LED lighting."
Fiscal Q4 Financial Results
Cree reported net income of $28.1 million or $0.23 per share, compared to $10.0 million or $0.09 per share, in last year's corresponding quarter.
On an adjusted basis, net income was $45.6 million or $0.38 per share. This was in-line with analysts' consensus EPS estimates.
Revenue in the quarter was up 22 percent to $375.0 million from $306.8 million a year ago. This came up short of analysts' consensus revenue estimates of $377.21 million.
Gross margin in the quarter rose to 38.2 percent from 36.3 percent last year.
Looking ahead to Q1, Cree guided for EPS between $0.23 to $0.28 and adjusted earnings between $0.36 and $0.41. Currently, analysts expect the company to report Q4 EPS of $0.43.
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