Cree, Inc. Q1 Profit Tops Estimates - Quick Facts

(RTTNews) - Cree, Inc. (CREE), a market leader in LED lighting, reported that its fiscal 2016 is off to a good start, with first-quarter revenue and profits above the middle of its targeted range, driven by strong demand for commercial LED lighting and a solid quarter for LED business. The company's profit and revenue surpassed analysts' expectations for the quarter. Adjusted earnings per share was $0.21, for the quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.20 for the quarter. Analysts' estimates typically exclude special items.

Cree noted that during the first quarter of fiscal 2016, it recognized $15.9 million of costs related to the LED business restructuring that was announced on June 24, 2015. The restructuring charges included factory capacity and overhead cost reductions which are included in the GAAP results only.

GAAP net loss for the first quarter was $23.6 million, or $0.23 per share, compared to GAAP net income of $11.1 million, or $0.09 per share, for the first quarter of fiscal 2015.

Revenue was $425.48 million compared to $427.67 million last year. Analysts expected revenue of $418.67 million for the quarter.

For its second quarter of fiscal 2016 ending December 27, 2015, Cree targets revenue in a range of $425 million to $445 million, GAAP net income is targeted at $1 million to $7 million, or $0.01 to $0.06 per share, and Non-GAAP net income in a range of $21 million to $27 million, or $0.21 to $0.26 per share.