Cree Shares Fall On FQ1 Outlook Short Of Views; FQ4 Rev Miss

shares fell in the extended session Tuesday when the company offered a disappointing forecast for its fiscal first quarter. The light-emitting diode maker's fiscal fourth quarter revenue grew 16 percent to slightly below Wall Street consensus, while earnings increased 6 percent in line with expectations. Cree forecast fiscal first-quarter adjusted earnings of $0.40 to $0.45 a share on revenue of $440 million to $465 million. Wall Street expected $0.46 cents a share on revenue of $469.78 million. During the recent period, Cree's operating margin narrowed to 7.3 percent from 8.2 percent a year earlier. Adjusted income grew to $51.3 million or $0.42 a share, from $45.6 million or $0.38 a share in the year-earlier period. Revenue rose to $436.3 million from $375 million. Analysts expected adjusted earnings of $0.41 on revenue of $444.1 million. In the after-hours session, Cree fell six percent to $46.15 a share.