Cree Inc. Q3 Profit Retreats 96%

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

The company said its earnings totaled $0.75 million, or $0.01 per share. This was down from $17.20 million, or $0.17 per share, in last year's third quarter.

Analysts had expected the company to earn $0.04 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 6.9% to $341.51 million. This was down from $366.92 million last year.

Cree Inc. earnings at a glance:

-Earnings (Q3): $0.75 Mln. vs. $17.20 Mln. last year. -Earnings Decline (Y-o-Y): -95.6% -EPS (Q3): $0.01 vs. $0.17 last year. -EPS Decline (Y-o-Y): -94.1% -Analysts Estimate: $0.04 -Revenue (Q3): $341.51 Mln vs. $366.92 Mln last year. -Revenue Change (Y-o-Y): -6.9%

-Guidance: Next quarter EPS guidance: $0.02 to $0.07 Next quarter revenue guidance: $340 - $360 Mln