Cree misses 3Q profit forecasts

DURHAM, N.C. (AP) — Cree Inc. (CREE) on Tuesday reported fiscal third-quarter net income of $651,000.

The Durham, North Carolina-based company said it had profit of 1 cent per share. Earnings, adjusted for one-time gains and costs, came to 22 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The maker of energy-efficient lighting posted revenue of $409.5 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $406.7 million.

For the current quarter ending in June, Cree expects its per-share earnings to range from 24 cents to 28 cents.

The company said it expects revenue in the range of $420 million to $440 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $435.1 million.

Cree shares have increased roughly 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $35.40, a decrease of 38 percent in the last 12 months.



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