Cree Inc. Bottom Line Drops 20% In Q2

(RTTNews) - Cree Inc. (CREE) announced a profit for second quarter that decreased compared to the same period last year.

The company said its profit totaled $30.48 million, or $0.30 per share. This was lower than $37.95 million, or $0.33 per share, in last year's second quarter.

Analysts had expected the company to earn $0.24 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 5.5% to $435.81 million. This was up from $413.16 million last year.

Cree Inc. earnings at a glance:

-Earnings (Q2): $30.48 Mln. vs. $37.95 Mln. last year. -Earnings Decline (Y-o-Y): -19.7% -EPS (Q2): $0.30 vs. $0.33 last year. -EPS Decline (Y-o-Y): -9.1% -Analysts Estimate: $0.24 -Revenue (Q2): $435.81 Mln vs. $413.16 Mln last year. -Revenue Change (Y-o-Y): 5.5%

-Guidance: Next quarter EPS guidance: $0.22 - $0.29 Next quarter revenue guidance: $400 - $430 Mln