Cree Inc. (NASDAQ:CREE) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 8.82%.
Cree Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 70% to $0.34 in the quarter versus EPS of $0.20 in the year-earlier quarter.
Revenue: Rose 22.52% to $348.93 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cree Inc. reported adjusted EPS income of $0.34 per share. By that measure, the company missed the mean analyst estimate of $0.34. It beat the average revenue estimate of $342.76 million.
Quoting Management: “Fiscal Q3 was another good quarter with record revenue and earnings per share that were on the high-end of our target range,” stated Chuck Swoboda, Cree Chairman and CEO. “Overall company backlog is ahead of this point last quarter and we are targeting solid growth for Q4. We remain focused on using new product innovation to grow our business and build the Cree brand.”
Key Stats (on next page)…