Manufacturers

Cree reports record quarterly earnings in 2Q

Cree, Inc. a manufacturer of LED lighting products has reported record revenues of $346.3 million for its second quarter of fiscal 2013, which ended December 30, 2012.

This represents a 14% increase compared to revenue of $304.1 million reported for the second quarter of fiscal 2012 and a 10% increase compared to the first quarter of fiscal 2013.

“Fiscal Q2 was another strong quarter with record revenue and earnings per share that were higher than our target range due to stronger sales in both LEDs and lighting combined with improved gross margins,” stated Chuck Swoboda, Cree chairman and CEO. “Overall company backlog is in line with seasonal trends for our fiscal Q3. Longer term, we remain focused on driving adoption through innovation, and with our broad understanding of the technology levers from materials through systems, we see opportunities to move the market even faster than what has been experienced to date.”

For its third quarter of fiscal 2013 ending March 31, 2013, Cree targets revenue in a range of $325 million to $345 million.

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